Determine how items are recorded in the accounting records

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Problem 1: How the following items are recorded in the accounting records in change from cash basis to the accrual basis of accounting?

a) Change in accounting estimate-currently and prospectively.
b) Change in estimate-account for currently and prospectively
c) Charge to expense-possibly separately disclosed.
d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.

Problem 2: How the following items are recorded in the accounting records in change from average-cost to FIFO method for inventory accounting?

a) Change in accounting policy-retrospective application to all affected prior-period financial statements.
b) Change in estimate-account for currently and prospectively
c) Charge to expense-possibly separately disclosed.
d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.

Problem 3: How the following items are recorded in the accounting records in change in the estimate of service lives for plant assets?

a) Change in accounting policy-retrospective application to all affected prior-period financial statements.
b) Change in estimate-account for currently and prospectively
c) Change in accounting estimate-currently and prospectively.
d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.

Reference no: EM132731120

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