ch22 - CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS...

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Unformatted text preview: CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS MULTIPLE CHOICE Conceptual Answer No. Description b 1. Accounting changes and consistency concept. b 2. Identify changes in accounting principle. c 3. Identify a change in accounting principle handled currently. d 4. Identify a change in accounting principle reporting pro forma amounts. d 5. Disclosures required for a change in depreciation methods. d 6. Entry to record a change in depreciation methods. c 7. Change from percentage-of-completion to completed-contracts. b 8. Change from FIFO to LIFO. b 9. Disclosures required for a change from LIFO to FIFO. c 10. Change in accounting estimate. a 11. Change in accounting estimate. b 12. Identify a change in accounting estimate. b 13. Change in accounting estimate. c 14. Identify a change in accounting estimate. d 15. Identify a change in reporting entity. c 16. Retroactive reporting a change in reporting entity. c 17. Identify a correction of an error. b 18. Identification of counterbalancing errors. c 19. Impact of failure to record purchase and count ending inventory. c 20. Impact of failure to record purchase and count ending inventory. MULTIPLE CHOICE Computational Answer No. Description b 21. Calculate cumulative effect of a change in depreciation method. b 22. Calculate cumulative effect of a change in depreciation method. c 23. Calculate net income with change in accounting principle with tax effects. a 24. Calculate net income with change from FIFO to LIFO. a 25. Calculate net income with change in an accounting estimate. a 26. Determine depreciation expense after a change in estimated life. d 27. Calculate effect of errors on net income. c 28. Calculate effect of errors on working capital. c 29. Calculate effect of errors on retained earnings. a 30. Effect of errors on income and retained earnings. a 31. Calculate effect of errors on net income. b 32. Calculate effect of errors on retained earnings. c 33. Calculate effect of errors on working capital. d 34. Determine cumulative effect of error on income statement. c 35. Determine the understatement of retained earnings. Test Bank for Intermediate Accounting, Eleventh Edition MULTIPLE CHOICE CPA Adapted Answer No. Description b 36. Identify a change in accounting principle. c 37. Cumulative effect of a change from weighted-average to LIFO. a 38. Reporting a change to FIFO from LIFO. a 39. Balance of accumulated depreciation after a change in estimate. b 40. Determine carrying value of a patent with a change in estimate. d 41. Reporting royalty income when amount realized differs from estimate. c 42. Impact of failure to accrue insurance costs. a 43. Retained earnings balance with multiple errors....
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This note was uploaded on 05/01/2011 for the course ACCT 3341 taught by Professor Dr.ramaswamy during the Spring '09 term at University of St. Thomas-Texas.

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ch22 - CHAPTER 22 ACCOUNTING CHANGES AND ERROR ANALYSIS...

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