Question: Which of the following is considered a change in accounting estimate? a change from ASPE to IFRS a change that is implemented in

Which of the following is considered a change in accounting estimate?

• a change from ASPE to IFRS

• a change that is implemented in order to improve net income in the current reporting period

• a change that makes the financial statements more relevant and reliable

• a change in the estimated life and/or residual value of a long-lived asset

Step by Step Solution

★★★★★

3.33 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

D A change in the estimated ... View full answer

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:

1- Log on to finance.yahoo.com and enter the ticker symbol ?RRD? in the Search box to find information about R.R. Donnelley & Sons. a. Click on company Profile. What is Donnelly's main line of...

Q:

Online channels provide consumers with 24/7 access to a vast array of products and services that can be ordered at any time at the leisure of the online shopper. But online channels can also be used...

Q:

Online Tutors offers monthly access to students for either or both math or science tutors. A market study found that the served by Online Tutors can be divided into two types of students: students...

Q:

Amber Corporation reported the following summarized pretax data at the end of each year: Taxable income from the income tax return was as follows: 2013, $ 32,000; 2014, $ 56,000; and 2015, $ 85,000....

Q:

Which of the following is considered to be a bottom-up estimate rather than a top-down estimate? A. Parametric estimates B. Analogy estimates C. Engineering estimates D. None of the above

Q:

Amazon.com, Inc.s financial statements are presented in Appendix D. Financial statements for Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete...

Q:

Amazon.com, Inc.s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,...

Q:

Comprehensive Long- lived Asset Transactions and Depreciation: MH Plumbing Incorporated (MH) is the largest plumbing contractor in Moncton, Alberta. Information on selected transactions/ events is...

Q:

On January 1, 2 014, the accounting records of Sasseville Ltee included a debit balance of $15 million in the building account and of $12 million in the related accumulated depreciation account. The...

Q:

The following information relates to depreciable assets of Strata Technologies. (a) Machine A was purchased for $80,000 on January 1, 2008. The entire cost was erroneously expensed in the year of...

Q:

Explain in your own words the meaning of each of the following. (b) lim f(x) = 3 (a) lim f(x) - 5

Q:

If the ratio of the sum of first n terms of two A.Ps is (7n + 1): (4n + 27), find the ratio of their mth terms.

Q:

Question 1 a . Find the Laplace transform of f ( t ) = e a t . b . Show that e a t s i n a t is a ( s - a ) 2 + a 2 Question 2 a . Given that z = f ( x , y ) = x 3 y 5 - 2 x y 2 + 2 x , find f - f y y

Q:

Naples, Florida, hosts a half-marathon (13.1-mile race) in January each year. The event attracts top runners from throughout the United States as well as from around the world. In January 2009, 22...

Q:

Advertising expenses are a significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 60 manufacturing companies located in the...

Q:

In the chapter, we said that the costs from a prior department are often excluded when comparing a department's cost with its standards or budgets. However, when a department buys materials from an...

Q:

River Companys chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owners...

Q:

Wise AG began operations at the beginning of 2019. The following information pertains to this company. 1. Pretax financial income for 2019 is 100,000. 2. The tax rate enacted for 2019 and future...

Q:

if I want to draw 2 graphs using these tables. Graph 1 will be for the elastic collision and graph 2 will be for the Inelastic collision. Please tell me how to draw It.| My Independent variable will...

Q:

Please answer the following questions, also see the attachment, please answer as well. Please show work if possible, I need right away. Question 1. 1. (TCO A) Amazon Building, Inc. won a bid for a...

Q:

Which of the following is a factor considered in establishing the present value of a bond? O Face value to be repaid at maturity O Market interest rate Contractual interest rate O All of the above...

Q:

Need as quickly as possible please 2. (TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was...

Q:

Change in Service Life Prior to its acquisition by i niedilise, an annual report of contained the following footnote: Note 2, Change in accounting estimate. TWA extended the estimated useful lives of...

Q:

Which of the following is not a change in accounting estimate? Change in amortization period for an intangible asset. Change from straight-line to sum-of-the-years'-digits method of depreciation....

Q:

Introduction and Project Requirements 1. Business Risk Analysis Project Report for the company Flight Centre travel group in a group of 4 or 5 members. 2. If you have difficulties forming such...