Which of the following should not be reported retroactively? Use of an unacceptable accounting principle, then changing to an acceptable accounting principle. Correction of an overstatement of ending inventory made two years ago. Use of an unrealistic accounting estimate, then changing to a realistic estimate. Change from a good faith but erroncous estimate to a new estimate.
Which of the following should not be reported retroactively? Use of an unacceptable accounting principle, then changing to an acceptable accounting principle. Correction of an overstatement of ending inventory made two years ago. Use of an unrealistic accounting estimate, then changing to a realistic estimate. Change from a good faith but erroncous estimate to a new estimate.
Chapter10: Inventory
Section: Chapter Questions
Problem 12MC: Which of the following financial statements would be impacted by a current-year ending inventory...
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Which of the following should not be reported retroactively?
Use of an unacceptable accounting principle, then changing to an acceptable accounting principle.
Correction of an overstatement of ending inventory made two years ago.
Use of an unrealistic accounting estimate, then changing to a realistic estimate.
Change from a good faith but erroncous estimate to a new estimate.
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