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SESSION 3 Review

Authored by John Servidad

Business

University

Used 1+ times

SESSION 3 Review
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Companies record corrections of errors from prior periods as an adjustment to the beginning balance of retained earnings in the current period.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting errors include changes in estimates that occur because a company acquires more experience, or as it obtains additional information.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Companies account for a change in depreciation methods as a change in accounting principle.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When it is impossible to determine whether a change in principle or change in estimate has occurred, the change is considered a change in estimate.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Companies report changes in accounting estimates retrospectively.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not treated as a change in accounting principle?

      A change from LIFO to FIFO for inventory valuation

A change to a different method of depreciation for plant assets

A change from full-cost to successful efforts in the extractive industry

A change from completed-contract to percentage-of-completion

7.

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.

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