Chapter 22 Practice Quiz

Chapter 22 Practice Quiz - 9 Change due to failure to...

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Name: _________________________________________ Chapter 22 Practice Quiz Instructions: Enter a letter to the left of each situation below to indicate the type of change: A. Change in accounting principle B. Change in accounting estimate. C. Change in reporting entity. D. Error correction. _______ 1. Change from presenting nonconsolidated to consolidated financial statements. _______ 2. Change due to charging a new asset directly to an expense account. _______ 3. Change from expensing to capitalizing certain costs, due to a change in periods benefited. _______ 4. Change from FIFO to LIFO inventory procedures. _______ 5. Change due to failure to recognize accrued (uncollected) revenue. _______ 6. Change in amortization period for an intangible asset. _______ 7. Changing the companies included in combined financial statements. _______ 8. Change in the loss rate on warranty costs. _______ 9. Change due to failure to recognize and accrue income.
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Unformatted text preview: 9. Change due to failure to recognize and accrue income. _______ 10. Change in residual value of a depreciable plant asset. _______ 11. Change from an unacceptable to an acceptable accounting principle. _______ 12. Change in both estimate and acceptable accounting principles. _______ 13. Change due to failure to recognize a prepaid asset. _______ 14. Change from straight-line to sum-of-the-years'-digits method of depreciation. _______ 15. Change in life of a depreciable plant asset. _______ 16. Change from one acceptable principle to another acceptable principle. _______ 17. Change due to understatement of inventory. _______ 18. Change in expected recovery of an account receivable. Answers: 1. C 1 Name: _________________________________________ 2. D 3. B 4. A 5. D 6. B 7. C 8. B 9. D 10. B 11. D 12. B 13. D 14. B 15. B 16. A 17. D 18. B 2...
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