Retrospective restatement usually is appropriate for a change in: Accounting Estimate Accounting Principle a. Yes Yes b. Yes No c. No Yes d. No No Multiple Choice Option c Option b
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- A change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the aboveA change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentWhich of the following is not affected by a change in interest expense? a. gross margin b. EBIT c. ROE d. a. and b e. all of the above
- Please answer with reason for all why the option is correct and why the other options are incorrect 74. An expenditure whose benefit is finished or enjoyed immediately is called A.Expense B.Liability C.Cost D.IncomeThe change in accounting estimate should be treated currently and prospectively. True or falseThe Effect of Ignoring Adjusting Entries on Net Income For each of the following independent situations, determine whether the effect of ignoring the required adjusting entry will result in an understatement (U), will result in an overstatement (O), or will have no effect (NE) on net income for the period.
- 97 Concpteal Fram The economic resource can be distributed to the owners. d. The resource has no use in the entity's operations and has no resale value 12. Which of the following does not meet the definition of an asset? a. Equipment that the entity intends, and is very certain, to acquire in the future. b. Inventories purchased and received but not yet paid. c Land received from a donation. d. A publishing title for a college textbook. The publishing title has no physical substance, meaning you cannot see or touch it. 13. Entity A determined that an asset exists. However, the asset's low probability of inflows of economic benefits and its very high level of measurement uncertainty affected Entity A's recognition decisions about the asset, as these raised doubt on whether the asset's recognition would result in useful information. Consequently, Entity A did not recognize the asset, but because Entity A deemed it relevant, information about the asset was nonetheless provided in the…Generally accepted methods of accounting for a change in accounting principle includeDiscuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assets
- A loss contingency should be accrued when the amount of loss is known and the occurrence of the loss is: а. ööüö b. C. d. Remote No Yes Yes No Reasonably possible No Yes No Yes Multiple Choice O Option a Option b O Option c Option dWhich of the following is not an expense adjustment? A. None of the above B. Consumable inventory adjustment C. Depreciation D. Prepaid expenseSeve &Exit According to the principle of conservatism, when faced with uncertainty about the value of an item, a company should use the Help measure that avoids Multiple Choice overstating assets and understating liabilities. overstating essets and liabilities. O understating assets and liabilities. understating essets and overstating liabilities.
