K12ETBChapter_22 - CHAPTER 22 ACCOUNTING CHANGES AND ERROR...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS TRUE-FALSE —Conceptual Answer No. Description F 1. Change in accounting estimate. T 2. Errors in financial statements. F 3. Adoption of a new principle. T 4. Retrospective application of accounting principle. F 5. Reporting cumulative effect of change in principle. T 6. Disclosure requirements for a change in principle. T 7. Indirect effect of an accounting change. T 8. Retrospective application impracticality. F 9. Reporting changes in accounting estimates. T 10. Change in principle vs. change in estimate. F 11. Accounting for change in depreciation method. F 12. Accounting for change in reporting entities. T 13. Example of a change in reporting entities. F 14. Accounting error vs. change in estimate. T 15. Accounting for corrections of errors. T 16. New principle created by FASB standard. F 17. Balance sheet errors. F 18. Definition of counterbalancing errors. T 19. Accounting for counterbalancing errors. T 20. Correcting entries for noncounterbalancing errors. MULTIPLE CHOICE —Conceptual Answer No. Description b 21. Accounting changes and consistency concept. b 22. Identify changes in accounting principle. c 23. Identify a non-retrospective change. d 24. Identify a change in accounting principle. a 25. Entry to record a change in depreciation methods. c 26. Disclosures required for a change in depreciation methods. c 27. Change from percentage-of-completion to completed-contracts. d 28. Disclosures required for a change from LIFO to FIFO. b 29. Change from FIFO to LIFO. c 30. Change in accounting estimate. a 31. Change in accounting estimate. b 32. Identify a change in accounting estimate. b 33. Change in accounting estimate. c 34. Identify a change in accounting estimate. d 35. Identify a change in reporting entity. c 36. Retroactive reporting a change in reporting entity. c 37. Identify a correction of an error. b 38. Identification of counterbalancing errors.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Test Bank for Intermediate Accounting, Twelfth Edition 22 - 2 MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description c 39. Impact of failure to record purchase and count ending inventory. c 40. Impact of failure to record purchase and count ending inventory. MULTIPLE CHOICE —Computational Answer No. Description b 41. Calculate cumulative effect of a change in depreciation method. b 42. Calculate cumulative effect of a change in depreciation method. c 43. Calculate net income with change in accounting principle with tax effects. d 44. Calculate cumulative effect of accounting change. c 45. Calculate depreciation expense after change in accounting principle. d 46. Calculate cumulative effect of a change on retained earnings. b 47. Calculate cumulative effect of a change on retained earnings. c
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 31

K12ETBChapter_22 - CHAPTER 22 ACCOUNTING CHANGES AND ERROR...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online