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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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