L20 Notes_Part_9 - 6. A change from deferring and...

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Lack of Consistency AU 420, 508 1. A change from the completed-contract method to the percentage of completion method of accounting for LT construction contracts. 2. A change in the estimated useful life of previously recorded fixed assets based on newly acquired information. 3. Correction of a mathematical error in inventory pricing made in a prior period. 4. A change from prime costing to full absorption costing for inventory valuation. 5. A change from presentation of statements of individual companies to presentation of consolidated statements
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Unformatted text preview: 6. A change from deferring and amortizing preproduction costs to recording such costs as an expense when incurred because future benefits of the costs have become doubtful. The new accounting method was adopted in recognition of the change in estimated future benefits. 7. A change to including the employers share of FICA taxes as retirement benefits on the income statement from including it with other taxes. 8. A change from the FIFO method of inventory pricing to the LIFO method of inventory pricing Downsizing...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L20 Notes_Part_9 - 6. A change from deferring and...

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