Identification and Effects of Changes and Errors The following are independent events: Required: Indicate what...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Identification and Effects of Changes and Errors The following are independent events: Required: Indicate what type of accounting change or error, if any, is represented by each of the preceding items and the method of accounting retrospective adjustment, prospective, or prior period adjustment for the item in the financial statements of the current year. If any statement has no accounting change, select "This is not an accounting change". a Changed from the LIFO to the FIFO inventory cost flow assumption. b Reduced remaining service life of machinery from to years. c Changed from an accelerated method to the straightline method of depreciating assets. d Wrotedown inventories because of obsolescence. e Received damages won in a court suit instigated years ago. f Discovered that costs were recorded as an expense in a previous period but should have been recorded as an item of property, plant, and equipment. g Wrote down property, plant, and equipment because of closure of inefficient plants. h Changed from the successfulefforts method to the fullcost accounting method for oil exploration costs. 
Identification and Effects of Changes and Errors
The following are independent events:
Required:
Indicate what type of accounting change or error, if any, is represented by each of the preceding items and the method of accounting
retrospective adjustment, prospective, or prior period adjustment for the item in the financial statements of the current year. If any
statement has no accounting change, select "This is not an accounting change".
a Changed from the LIFO to the FIFO inventory cost flow assumption.
b Reduced remaining service life of machinery from to years.
c Changed from an accelerated method to the straightline method of depreciating assets.
d Wrotedown inventories because of obsolescence.
e Received damages won in a court suit instigated years ago.
f Discovered that costs were recorded as an expense in a previous period but should have been recorded as an item of property, plant,
and equipment.
g Wrote down property, plant, and equipment because of closure of inefficient plants.
h Changed from the successfulefforts method to the fullcost accounting method for oil exploration costs.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.