
20A1 - Intermediate Accounting - Acc. for Changes and Errors
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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:
materiality.
consistency.
conservatism.
objectivity.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is accounted for as a change in accounting principle?
A change in the estimated useful life of plant assets.
A change from the cash basis of accounting to the accrual basis of accounting.
A change from expensing immaterial expenditures to deferring and amortizing them as they become material.
A change in inventory valuation from average cost to FIFO.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a company decides to switch from the double-declining balance method to the straight-line method, this change should be handled as a:
change in accounting principle.
change in accounting estimate.
prior period adjustment.
correction of an error.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a correction of an error in previously issued financial statements is a change:
from the FIFO method of inventory valuation to the LIFO method.
in the service life of plant assets, based on changes in the economic environment.
from the cash basis of accounting to the accrual basis of accounting.
in the tax assessment related to a prior period.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of accounting change should always be accounted for in current and future periods?
Change in accounting principle
Change in reporting entity
Change in accounting estimate
Correction of an error
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