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Problem 1: Why is an entity permitted to change an accounting policy?
a. The change would allow the entity to present a more favorable profit picture.
b. The change would result in the financial statements providing more reliable and relevant information about financial position, financial performance and cash flows.
c. The change is made by the internal auditor.
d. The change is made by the CPA.
Problem 2: A change in accounting policy requires what kind of adjustment to the financial statements?
a. Current period adjustment
b. Prospective adjustment
c. Retrospective adjustment
d. Current and prospective adjustment
The income statement of a corporation for the month of November indicates a net income of $200,000. Would it be correct to say that the business incurred a net loss of $25,000 during the month? Why?
On September 1, 2009, Health Wise International acquired a 12 percent, nine-month note receivable from Herbal Innovations, a credit customer, in settlement of a $22,000 account receivable. Prepare journal entries to record the following:
fresno manufacturing company specializes in the production of precision tools. management is in the process of
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You are the executive housekeeper of the Royal Hotel, London. It is September and the rooms division director asks you to submit a budget draft.
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Relevance of Positive Accounting Theory for financial reporting and Compare and contrast the implementation of IFRSs in Australia and the other country
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