Question: While looking over their financial position, the Bresdon Company noticed that in 2 0 2 0 their expenses were recorded as ( $

While looking over their financial position, the Bresdon Company noticed that in 2020 their expenses were recorded as \(\$ 3,000\) less than they should have been. Now, in 2021, they will need to work to correct the situation. What is this an example of?
changes due to error
changes in accounting principle
changes in accounting estimate
changes in reporting entity
While looking over their financial position, the

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:

The Competition Commission of Mauritius has been dealing with a number of cases of alleged exploitative monopoly behaviour by firms in Mauritius. On the basis of relevant cases, analyse the view that...

Q:

(1) Income Statement Referencing this week?s readings and lecture, address the following: ? What are the two causes of an increasing or decreasing sales number? ? Discuss all the reasons that might...

Q:

1 Case Requirements 1. Perform a financial-ratio analysis that gives detailed attention to Riham's four questions Conduct your investigation in terms of both time the five years given) and relative...

Q:

Question 1 Rewrite the Income Statement and the Balance Sheet of Sandy Manufacturing Pty Ltd; and comment on the financial performance of Sandy Manufacturing Pty Ltd, did the financial performance...

Q:

Question 1 Rewrite the Income Statement and the Balance Sheet of Sandy Manufacturing Pty Ltd; and comment on the financial performance of Sandy Manufacturing Pty Ltd, did the financial performance...

Q:

Resources:Virtual Organizations Click the Virtual Organization link to access the Virtual Organizations. Selec t one of the Virtual Organizations as the basis for this assignment. Obtainfaculty...

Q:

Resources:Virtual Organizations Click the Virtual Organization link to access the Virtual Organizations. Selec t one of the Virtual Organizations as the basis for this assignment. Obtainfaculty...

Q:

Could you finish this for me? I made it to page 5, but I am running short on time and my conceptualization is lacking. If not, maybe help me figure it out? Annual Report Project Lowe's Companies,...

Q:

Could you finish this for me? I made it to page 5, but I am running short on time and my conceptualization is lacking. If not, maybe help me figure it out? Annual Report Project Lowe's Companies,...

Q:

please help me to write asummary or analysis about this attachment! thank you Journal of Accounting - Business & Management vol. 22 no. 2 (2015) 1-10 Creative Accounting Leading to Financial...

Q:

I need help with this milestone one for ACC 630, the attached file will include rubric and the guidelines, if you need any work that has been done before regarding ACC 620 just let me know! ACC 630...

Q:

The expected mean of a continuous population is 200, and its standard deviation is 15. A sample of 80 measurements gives a sample mean of 205. Using a 0.01 level of significance, a test is to be made...

Q:

Review Exhibit and identify the timing requirements for U.S. public companies to file audited financial statements with the SEC. In Exhibit SEC Reporting Requirements Size of Filer Form 10-K (Annual...

Q:

Can you solve this general accounting problem using appropriate accounting principles? Greenleaf Industries has the following data for the year ending 12/31/2023: Cash sales: $100,000 > Credit sales:...

Q:

Q What is the function of anti-pumping in the circuit breaker?