In the space provided, write the word or phrase that is defined or indicated. 1. A...

Transcribed Image Text:

In the space provided, write the word or phrase that is defined or indicated. 1. A correction of an error is reported as a 1. 2. A change from one generally accepted principle to another. 3. Net income minus preference dividends divided by the weighted average of ordinary shares outstanding. 2. Change in 4. All changes in equity during a period except those resulting from investments by owners and distributions to owners. Answer: 3. debted accounting a. Change in estimate b. Prior period adjustment (not due to change in principle) c. Retrospective type accounting change with note disclosure None of the above d. Shapes. 22-Matching disclosures to situations. (5 marks) In the blank to the left of each question, fill in the letter from the following list which presentation of the item on the financial statements of Helton Corporation for 2016. 1. In 2016, the company changed its method of recognizing income from the cost to the percentage-of-completion method. 2. At the end of 2016, an audit revealed that the corporation's allowance for dout too large and should be reduced to 2%. When the audit was made in 2015, the appropriate. 3. Depreciation on a truck, acquired in 2013, was understated because the use overestimated. The understatement had been made in order to show higher ne and 2015. In the space provided, write the word or phrase that is defined or indicated. 1. A correction of an error is reported as a 1. 2. A change from one generally accepted principle to another. 3. Net income minus preference dividends divided by the weighted average of ordinary shares outstanding. 2. Change in 4. All changes in equity during a period except those resulting from investments by owners and distributions to owners. Answer: 3. debted accounting a. Change in estimate b. Prior period adjustment (not due to change in principle) c. Retrospective type accounting change with note disclosure None of the above d. Shapes. 22-Matching disclosures to situations. (5 marks) In the blank to the left of each question, fill in the letter from the following list which presentation of the item on the financial statements of Helton Corporation for 2016. 1. In 2016, the company changed its method of recognizing income from the cost to the percentage-of-completion method. 2. At the end of 2016, an audit revealed that the corporation's allowance for dout too large and should be reduced to 2%. When the audit was made in 2015, the appropriate. 3. Depreciation on a truck, acquired in 2013, was understated because the use overestimated. The understatement had been made in order to show higher ne and 2015.

Answer rating: 100% (QA)

1 Prior year adjustm... View the full answer