True or false The change in depreciation method is a change in accounting policy.
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- What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesExplain is a change in depreciation method a change in accounting principle, or is it a change in estimate?Which of the following statements regarding accounting change is correct? a. Change in depreciation method is accounted for as a change in accounting policy. b. Change in accounting estimate is accounted for in current and future periods. c. The categories of accounting changes are change in accounting estimate and correction of prior period error. d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.
- A change in depreciation method is a______. Select one: a. change in accounting standard b. change in accounting estimate c. change in accounting method d. change in accounting policy) A company has decided to change its depreciation method to better reflect the pattern of use ofits equipment.Which of the following correctly reflects what this change represents and how it should beapplied?A It is a change of accounting policy and must be applied prospectivelyB It is a change of accounting policy and must be applied retrospectivelyC It is a change of accounting estimate and must be applied retrospectivelyD It is a change of accounting estimate and must be applied prospectivelyWhich of the following would NOT be reflected in the income statement? Group of answer choices A.Correction of an error in previously issued financial statements B.Loss on disposal of a segment of a business C.Cumulative effect of a change in depreciation methods D.An extraordinary item
- When a company changes from the straight-line method of depreciation for previously recorded assets to the double declining balance method, which of the following should be reported?Cumulative effects of change in accounting principle, Pro forma effects of retroactive applicationa. No Nob. No Yesc. Yes Yesd. Yes NoWhen it is probably that future economic benefits associated with an asset will flow to the entity, and the costs can be reliably measured, it should be recognised as an asset. A change in depreciation method is a. a) Change in accounting standard b) Change in accounting policy c) Change in accounting estimate d) Change in accounting methodWould a change from straight line depreciation to double declining balance be a change in accounting principle or a change in estimate?How would this change be applied?
- Which of the following is accounted for as a change in accounting policy? A. A change in the estimated useful life of property, plant and equipmentB. A change from cash basis to accrual basis of accountingC. A change from expensing immaterial expenditures to deferring and amortizing them when material.D. A change in inventory valuation from FIFO to average methodWhich is a change in accounting policy? A. The initial adoption of an accounting policy to carry asset at revalued amountB. The change from cost model to revaluation model in measuring property, plant and equipmentC. A change in the measurement basisD. All of the choices are considered change in accounting policyWhich of the following is a temporary account? Depreciation Expense Retained Earnings Accounts Payable Accumulated Depreciation
