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Course 171031- Accounting Changes And Error Analysis
  Final Exam
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171031v - Accounting Changes And Error Analysis

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4 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though, in theory, this may be a violation of the accounting concept of
2. A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income
3. Which of the following is NOT treated as a change in accounting principle?
4. Which of the following is NOT a retrospective-type accounting change?
5. Which of the following is accounted for as a change in accounting principle?
6. A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
7. Which of the following disclosures is required for a change from sum-of-the-years-digits to straight-line?
8. A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a
9. Which of the following disclosures is required for a change from LIFO to FIFO?
10. Stone Company changed its method of pricing inventories from FIFO to LIFO. What type of accounting change does this represent?
11. Which type of accounting change should always be accounted for in current and future periods?
12. When a company decides to switch from the double-declining balance method to the straight-line method, this change should be handled as a
13. The estimated life of a building that has been depreciated 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 should
14. Which of the following statements is correct?
15. Which of the following describes a change in reporting entity?
16. Presenting consolidated financial statements this year when statements of individual companies were presented last year is
17. An example of a correction of an error in previously issued financial statements is a change
18. Counterbalancing errors do NOT include
19. A company using a perpetual inventory system neglected to record a purchase of merchandise on account at year-end. This merchandise was omitted from the year-end physical count. How will these errors affect assets, liabilities, and stockholders' equity at year-end and net income for the year?
20. If, at the end of a period, a company erroneously excluded some goods from its ending inventory and also erroneously did not record the purchase of these goods in its accounting records, these errors would cause
21. How should the effect of a change in accounting estimate be accounted for?
22. On January 1, 2X12, Frost Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in an $800,000 increase in the January 1, 2X12 inventory. Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting change should be reported by Frost in its 2X12
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