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Which of the following describes a change in

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35.Which of the following describes a change in reporting entity?a.A company acquires a subsidiary that is to be accounted for as a purchase.b.A manufacturing company expands its market from regional to nationwide.c.A company divests itself of a European branch sales office.d.Changing the companies included in combined financial statements.lOMoARcPSD|12528915
36.Presenting consolidated financial statements this year when statements of individualcompanies were presented last year is
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Accounting Changes and Error Analysis22 - 937.An example of a correction of an error in previously issued financial statements is achange
38.Counterbalancing errors donotinclude
39.A company using a perpetual inventory system neglected to record a purchase ofmerchandise on account at year end. This merchandise was omitted from the year-endphysical count. How will these errors affect assets, liabilities, and stockholders' equity atyear end and net income for the year?AssetsLiabilitiesStockholders' EquityNet Incomea.No effectUnderstateOverstateOverstate.b.No effectOverstateUnderstateUnderstate.c.UnderstateUnderstateNo effectNo effect.d.UnderstateNo effectUnderstateUnderstate.

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Term
Winter
Professor
Ms. Lady Madrid
Tags
Depreciation, FIFO and LIFO accounting, Joy Limpiada

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