Which of the following is (are) the proper time period(s) to record the effects of a change in accounting
Current period and retrospectively
Current period only
Current period and prospectively
Which of the follo
An example of an inventory accounting policy that should be disclosed in a Summary of Significant
Accounting Policies is the
amount of income resulting from the involuntary liquidation of LIFO.
major backlogs of inventory orders.
method used f
An objective of the statement of cash flows is to
disclose the change in working capital during the period.
None of these answers are correct.
disclose changes during the period in all asset and all equity accounts.
provide information about t
Of the following questions, which one would not be answered by the statement of cash flows?
What was the change in the cash balance during the period?
Where did the cash come from during the period?
What was the cash used for during the period
The full disclosure principle, as adopted by the accounting profession, is best described by which of the
a. Information about each account balance appearing in the financial statements is to be included
in the notes to the financial statements
The estimated life of a building that has been depreciated for 30 years of an originally estimated life of
50 years has been revised to a remaining life of 10 years. Based on this information, the accountant
a. adjust accumulated depreciation to it
RUNNING HEAD: NEW GAAP VERSUS LEGACY GAAP
Athens State University
AC 323 Summer Semester 2016
GAAP Codification Writing Assignment
Erica C. Simmons
NEW GAAP VERSUS LEGACY GAAP
a. A customer is a user a reseller that has contracted with an enti