Chap020 (accounting) 43 - Change from sum-of-the-years...

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12. Indicate the nature of each of the situations described below using the following three-letter code. 1. Change in estimate Change from FIFO inventory costing to LIFO inventory costing. 4 2. Prior period adjustment required Change from LIFO inventory costing to FIFO inventory costing. 3 3. Change in principle reported retrospectively Change in the composition of a group of firms reporting on a consolidated basis. 8 4. Change in principle reported prospectively Change to the installment method of accounting for receivables. 3 5. Change in estimate Change in actuarial assumptions for a defined benefit pension plan. 1 6. Change in principle reported retrospectively
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Unformatted text preview: Change from sum-of-the-years' digits depreciation to straight-line. 4 7. Change in principle reported prospectively Change from expensing extraordinary repairs erroneously recorded as an expense to capitalizing the expenditures. 2 8. Change in reporting entity Change in the percentage used to determine bad debts. 1 9. Change in principle reported prospectively Change from prior reporting for postretirement benefits to that mandated by an Accounting Standards Update. 4 10. Change in estimate Change in the residual value of machinery. 1 AACSB: Reflective thinking Bloom's: Comprehension...
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