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How items are recorded in the accounting records

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Reference no: EM132811409

Problem 1: How the following items are recorded in the accounting records in a change in depreciation method?

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 the large write-off of inventories because of obsolescense?

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.

Reference no: EM132811409

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