chap22solutions - CHAPTER 22 Accounting Changes and Error...

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Unformatted text preview: CHAPTER 22 Accounting Changes and Error Analysis ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Differences between change in principle, change in estimate, change in entity, errors. 4, 6, 7, 8, 9, 12, 13, 15 3 1, 2, 3, 4 2. Accounting changes: a. Comprehensive. 3, 6, 7 1, 2, 4, 5 b. Changes in estimate, changes in depreciation methods. 9 4, 5, 9 2, 3, 4, 6, 7, 8, 9, 10, 11, 12, 16, 17 1, 2, 4, 6, 7 1, 2, 3, 4, 6 c. Changes in accounting for long-term construction contracts. 2, 10 1, 2, 10 1, 7, 13 1, 2 d. Change from FIFO to average cost. 2, 8, 14 3 e. Change from FIFO to LIFO. 2, 11 10 4, 9 1, 2 f. Change from LIFO. 3 2, 3, 5, 8 2, 5 g. Miscellaneous. 1, 3, 4, 5, 8 8, 9, 10 1, 5 3. Correction of an error. a. Comprehensive. 14, 17, 19 8, 9, 10 8, 15, 16, 19, 20, 21 3, 6, 7, 8, 9, 10 2, 4 b. Depreciation. 18, 21 6, 7 1, 9, 17, 18 1, 6 c. Inventory. 9, 16, 20 10 7, 17 2, 10 1, 2 *4. Changes between fair value and equity methods. 11, 12 22, 23 11, 12 *This material is dealt with in an Appendix to the chapter. 22-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Identify the types of accounting changes. 2. Describe the accounting for changes in accounting principles. 1 3. Understand how to account for retrospective accounting changes. 1, 2, 3, 9, 10 1, 2, 3, 4, 5, 8, 13, 14 2, 3, 5 4. Understand how to account for impracticable changes. 2 5. Describe the accounting for changes of estimates. 4, 5, 9, 10 6, 7, 8, 9, 10, 11, 12 1, 2, 3, 4, 6 6. Identify changes in a reporting entity. 7. Describe the accounting for correction of errors. 6, 7, 8, 9, 10 7, 8, 9, 10, 15, 16, 17, 18, 19, 20, 21 1, 2, 3, 6, 7, 8, 9, 10 8. Identify economic motives for changing accounting methods. 9. Analyze the effect of errors. 18, 19, 20, 21 6, 7, 8, 9, 10 *10. Make the computations and prepare the entries necessary to record a change from or to the equity method of accounting. 11, 12 22, 23 11, 12 22-2 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E22-1 Change in principlelong-term contracts. Moderate 1015 E22-2 Change in principleinventory. Moderate 1015 E22-3 Accounting change. Difficult 2530 E22-4 Accounting change. Difficult 2530 E22-5 Accounting change. Difficult 3035 E22-6 Accounting changesdepreciation. Difficult 3035 E22-7 Change in estimate and error; financial statements. Moderate 2530 E22-8 Accounting changes and errors. Simple 510 E22-9 Error and change in estimatedepreciation. Simple 1520 E22-10 Depreciation changes. Moderate 2025 E22-11 Change in estimatedepreciation. Simple 1015 E22-12 Change in estimatedepreciation. Simple 2025 E22-13 Change in principlelong-term contracts. Simple 1015 E22-14 Various changes in principleinventory methods. Moderate 2035 E22-15 Error correction entries. Simple 1520 E22-16 Error analysis and correcting entry.Error analysis and correcting entry....
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This note was uploaded on 11/29/2010 for the course ACCOUNTING 630 taught by Professor Small during the Spring '10 term at DeVry Cleveland D..

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chap22solutions - CHAPTER 22 Accounting Changes and Error...

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