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#1-5 please, thank you! listed below are various Types of accounting changes and errors. 1. Change in the amortization period for a trademark.  2. Change in the double-declining-balance method to straight-line method of depreciation. 3. Change from FIFO to average-cost inventory method. 4. Change from percentage-of-completion to completed-contract method on construction contracts. 5. Change in equipment's salvage value.   instructions: For each change or error, indicate how it would be accounted for using the following letter codes: A. Accounted for prospectively B. Accounted for retrospectively C. Prior period adjustmen

#1-5 please, thank you! listed below are various Types of accounting changes and errors. 1. Change in the amortization period for a trademark.  2. Change in the double-declining-balance method to straight-line method of depreciation. 3. Change from FIFO to average-cost inventory method. 4. Change from percentage-of-completion to completed-contract method on construction contracts. 5. Change in equipment's salvage value.   instructions: For each change or error, indicate how it would be accounted for using the following letter codes: A. Accounted for prospectively B. Accounted for retrospectively C. Prior period adjustmen

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4MC: A change in the expected service life of an asset arising because additional information has been...
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#1-5 please, thank you!

listed below are various Types of accounting changes and errors.


1. Change in the amortization period for a trademark. 

2. Change in the double-declining-balance method
to straight-line method of depreciation.

3. Change from FIFO to average-cost inventory method.

4. Change from percentage-of-completion to
completed-contract method on construction
contracts.

5. Change in equipment's salvage value.

 


instructions:

For each change or error, indicate how it would be accounted for using the
following letter codes:
A. Accounted for prospectively
B. Accounted for retrospectively
C. Prior period adjustment

Instructions: For each change or error, indicate how it would be accounted for using the following letter codes: A. Accounted for prospectively B. Accounted for retrospectively C. Prior period adjustment
Transcribed Image Text:Instructions: For each change or error, indicate how it would be accounted for using the following letter codes: A. Accounted for prospectively B. Accounted for retrospectively C. Prior period adjustment
Listed below are various types of accounting changes and errors. Change in the amortization period for a trademark. 1. 2. Change in the double-declining-balance method to straight-line method of depreciation. 3. Change from percentage-of-completion to 4. completed-contract method on construction contracts. 5. Change in equipment's salvage value. 6. Change due to understatement of inventory. Change in the rate used to compute bad debt expense. 7. 8. Change from FIFO to average-cost inventory method. 9. 10. Change from presenting unconsolidated to consolidated financial statements. Change from direct write-off to allowance method of accounting for bad debts. Change from LIFO to average-cost inventory method. Instructions:
Transcribed Image Text:Listed below are various types of accounting changes and errors. Change in the amortization period for a trademark. 1. 2. Change in the double-declining-balance method to straight-line method of depreciation. 3. Change from percentage-of-completion to 4. completed-contract method on construction contracts. 5. Change in equipment's salvage value. 6. Change due to understatement of inventory. Change in the rate used to compute bad debt expense. 7. 8. Change from FIFO to average-cost inventory method. 9. 10. Change from presenting unconsolidated to consolidated financial statements. Change from direct write-off to allowance method of accounting for bad debts. Change from LIFO to average-cost inventory method. Instructions:
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