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How should the changes be treated

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Problem 1: Which of the following statements is not true?

Group of answer choices

A. Inventory at the end of the period reduces cost of sales for the period.

B. Purchases returns for the period reduces cost of sales.

C. Inventory at the beginning reduces cost of sales.

D. Inventory at the end of the period is equivalent to unexpired expense.

Problem 2: How should the following changes be treated?

  • A change is to be made in the method of calculating the provision for uncollectible receivables.
  • Investment properties are now measured at fair value, having previously been measured at cost.

Group of answer choices

A. (1) Change in accounting policy; (2)Change in accounting policy

B. (1) Change in accounting policy; (2)Change in accounting estimate

C. (1) Change in accounting estimate; (2) Change in accounting policy

D. (1) Change in accounting estimate; (2)Change in accounting estimate

Reference no: EM132789452

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