Question: If a company changes its accounting methods e . g . from FIFOLIFO and it will have a material effect on the financials the change

If a company changes its accounting methods e.g. from FIFOLIFO and it will have a material effect on the financials the change should be

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

5 Limerick Construction Company elected to change its method of accounting from the completed-contract method to the percentage-of-completion method. Prior-years income (cumulative) would have been...

Q:

If a company changes its accounting methods e . g . from FIFO to LIFO and it will have a material effect on the financials the change should be

Q:

Read Accounting Headline 7.9 and, adopting a Positive Accounting Theory perspective, consider the following issues: a)If a new accounting standard impacts on profits, should this impact on the value...

Q:

Prepare an executive summary; finalize your term paper including executive summary and the finalized version of the term paper components. Use the Term Paper Template which includes (in APA format):...

Q:

Refer to the 2013 annual report of JB Hi-Fi Limited on its website, ww.jbhifi.com.au, and answer the following questions: 1. List the subsidiary companies in the JB Hi-Fi Group. 2. What is the value...

Q:

What are the different types of revenues generated by the consolidated group?How are the group?s assets classified?What are the major categories listed among the group?s equity? Have there been any...

Q:

X Cut Calibri (Body) 12 A- A+ 3 Wrap Copy Paste BIU Merge Format Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Update A1 x fx Effective management...

Q:

Refer to the 2013 annual report of JB Hi-Fi Limited on its website, ww.jbhifi.com.au, and answer the following questions: 1. What are the different types of revenues generated by the consolidated...

Q:

Refer to the 2013 annual report of JB Hi-Fi Limited on its website, ww.jbhifi.com.au, and answer the following questions: 1. What are the different types of revenues generated by the consolidated...

Q:

I want to have the individual assignment essay answerddddd For personal use only JB Hi-Fi Limited Annual Report 2013 2013 ANNUAL REPORT jbhifi.com.au CORPORATE INFORMATION ABN 80 093 220 136...

Q:

CALCULUS I TA 1. Using only the definition of the derivative as a limit, prove that if f(x)=(x-2), then f'(x)=2-x-4. (10) 2. Using only the 8-8 definition of limit, prove that lim (7-x+28)= -7....

Q:

How would officially granted monopolies affect the operation of our economic system? Consider the effect on allocation of resources, the level of income and employment, and the distribution of...

Q:

A noncallable 1 0 - year T - bond has a 1 2 % annual coupon, the yield curve is flat, and it has a 1 0 % yield to maturity. A 1 5 - year noncallable T - bond has an 8 % annual coupon, the yield curve...

Q:

hello could you solve this problem please thank you! 43/2 5. The ground-state wavefunction of a hydrogen atom is TV where a, - 53 pm (a) Calculate the probability that the electron will be found...

Q:

(LO 8-1) Performance comparisons to a companys own past or to its competition would be considered _____ analytics. a. prescriptive b. descriptive c. predictive d. diagnostic

Q:

(LO 8-4) Go to https://xbrl.us/data-rule/dqc_0015-lepr/ and find the XBRL element name for Other Nonoperating Income and indicate whether XBRL says that should normally be a debit or credit entry.

Q:

(LO 8-1) Why do audit firms perform analytical procedures to identify risk? Which type of ratios (liquidity, solvency, activity, and profitability ratios) would you use to evaluate the companys...