Acct 311 chapters 21 22 24

Acct 311 chapters 21 22 24 - PleaseNote: Question1(2points...

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Please Note:  It is recommended that you save your response as you complete each question. Question 1  (2 points)     Which of the following is  not  treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets C) A change from full-cost to successful efforts in the extractive industry D) A change from completed-contract to percentage-of-completion Save  Question 2  (2 points)     A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the  method used for tax purposes. The entry to record this change should include a Save  Question 3  (2 points)     Revenue of a segment includes Save  Question 4  (2 points)     Errors and irregularities are defined as intentional distortions of facts.       Errors                Irregularities Save  Question 5  (2 points)     Link Co. purchased machinery that cost $810,000 on January 4, 2009. The entire cost was recorded as an expense. The  machinery has a nine-year life and a $54,000 residual value. The error was discovered on December 20, 2011. Ignore  income tax considerations.
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              Link's income statement for the year ended December 31, 2011, should show the cumulative effect of this error in  the amount of A) $726,000. B) $642,000. C) $558,000. D) $0. Save  Question 6  (2 points)     Which of the following is an advantage of leasing? Save 
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