User Account

All Pages

Discuss change in accounting principle

Assignment Help Accounting Basics
Reference no: EM131745703

Exercises E11-6 - A change in depreciation, depletion, or amortization method is considered a change in accounting estimate that is achieved by a change in accounting principle. We account for these changes prospectively, exactly as we would any other change in estimate. One difference is that most changes in estimate do not require a company to justify the change. However, this change in estimate is a result of changing an accounting principle and therefore requires a clear justification as to why the new method is preferable. (p. 608)

Reference no: EM131745703

Questions Cloud

What are the clues that the women find and the men do not : What are the clues that the women find and the men do not? What does foreshadowing mean and what is an example? What do the women find in the box?
Define aspects of an applicant financial condition : Second loan. Exercise describes the loan score method a bank uses to decide which applicants it will lend money. Only if the total points awarded for various.
What is the probability that both pieces are defect-free : Manufacturing and Product Development At a glass manufacturing facility, What is the probability that both pieces are defect-free
Who were some of the original comic book artists : Who were some of the original comic book artists? Where was Superman first published (and led to the beginning of the Golden Age of Comics)?
Discuss change in accounting principle : A change in depreciation, depletion, or amortization method is considered a change in accounting estimate that is achieved by a change in accounting principle
What is the probability that all four support compensation : Medicine and Clinical Studies There is a constant shortage of organ donors in the United States. What is the probability that all four support compensation
Credit account titles are automatically indented : Wildhorse Company issued its 7%, 25-year mortgage bonds in the principal amount of $2,800,000 on January 2, 2003, at a discount
How would that information affect the design of the training : Why is a post-implementation evaluation important? Who should conduct it, and why?
What is the probability that the coffee drinker uses creamer : What is the probability that the coffee drinker uses creamer and would drink more if his preferred flavor were offered

Reviews

Write a Review

Accounting Basics Questions & Answers

  Purchase on income before income taxes

What would be the effect of this purchase on income before income taxes? (Leave no cells blank - be certain to select "No effect" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

  Less systematic risk than market portfolio

Does this portfolio have more or less systematic risk than market portfolio? Why? At the end of this year, the price of Stock A is now $30 and the price of Stock B is till $35. If you also spend $975 on Treasury bills, what would the portfolio beta..

  Flow diagram of the current system

a. Create a data flow diagram of the current system. b. Create a system flowchart of the existing system. c. Analyze the internal control weaknesses in the system. Model your response according to the six categories of physical control activities s..

  Religion responding to challenges in the modern world

What are common characteristics the assigned religion shares with the others?How is this religion responding to challenges in the modern world?What has changed about the roles of women in the religion over time?

  Confidence interval provide evidence to support the claim

1. Economy. In 2008, a Gallup Poll asked 2336 U.S. adults, aged 18 or over, how they rated economic conditions. In a poll conducted from January 27 through February 1, 2008, a) Does your confidence interval provide evidence to support the claim.

  Post the closing entries to income summary

Instructions, (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30.

  Which statements summarizes the revenues and expenses of an

which statements summarizes the revenues and expenses of an entity?balance sheet onlystatement of cash flows and income

  Compute the budgeted manufacturing overhead rate

Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate

  Type your question hereside kicks has year-end account

type your question hereside kicks has year-end account balances of sales 908290 interest revenue 14690 cost of goods

  In its first month of operations danielle company made

in its first month of operations danielle company made three purchases of merchandise in the following sequence 1 356

  Among the principal topics related to the accounting for

among the principal topics related to the accounting for property plant and equipment of a company are acquisition and

  What is donovan''s inventoriable cost for 2015

1. Kim Co. purchased goods with a list price of $182,100, subject to trade discounts of 30% and 20%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd