ACT3392SpringTraditionalHWCh22solution

ACT3392SpringTraditionalHWCh22solution - HOMEWORK SPRING...

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HOMEWORK - SPRING 2010 1. (4 points) The four types of accounting changes, including error correction, are: Code a. Change in accounting principle. b. Change in accounting estimate. c. Change in reporting entity. d. Error correction. Following are a series of situations. You are to enter a code letter to the left to indicate the type of change. The first situation is answered for you. C_____ 1. Change from presenting nonconsolidated to consolidated financial statements. A_____ 2. Change from FIFO to LIFO inventory procedures. B_____ 3. Change in amortization period for an intangible asset. C_____ 4. Changing the companies included in combined financial statements. B_____ 5. Change in the loss rate on warranty costs. D_____ 6. Change from an unacceptable to an acceptable accounting principle. B_____ 7. Change from straight-line to sum-of-the-years'-digits method of depreciation. B_____ 8. Change in life of a depreciable plant asset. D_____ 9. Change due to understatement of inventory.
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