Solution-What accounting principle would changing methods

What accounting principle would changing methods

Assignment Help Cost Accounting

Reference no: EM13552721

During 20X8, Vanguard, Inc., changed to the LIFO method of accounting for inventory. Suppose that during 20X9, Vanguard changes back to the FIFO method and the following year Vanguard switches back to LIFO again.

Required

1. What would you think of a company's ethics if it changed accounting methods every year?

2. What accounting principle would changing methods every year violate?

3. Who can be harmed when a company changes its accounting methods too often? How?

Reference no: EM13552721

Questions Cloud

Mixture of low molecular weight alkanes : Mixture of low molecular weight alkanes, less than 15 carbons in the molecule;

What is the incident intensity of original intensity : Plane polarized light of intensity is sent through a polarizer rotated 45 degrees clockwise to the original plane of polarizer, What is the incident intensity of original intensity

How much heat will be removed from the cool reservoir : A Carnot refrigerator is driven by a small motor whose output of mechanical power is 100W. how much heat will be removed from the cool reservoir in one hour

Need to analyze a mixture of alkanes : Need to analyze a mixture of alkanes

What accounting principle would changing methods : What would you think of a companys ethics if it changed accounting methods every year - what accounting principle would changing methods every year violate

Estimate how far does the coin roll before coming to rest : A coin with a diameter of 2.30 cm is dropped on edge onto a horizontal surface. The coin starts out with an initial angular speed of 15.5 rad/s and rolls in a straight line without slipping. how far does the coin roll before coming to rest

How old is bob when he arrives : Bob takes off for a planet that is 100 LY away moving in a rocket ship at .9999c relative to Earth when he is 10 years old. How old is Bob (in years) when he arrives

Prepare an income statement for october for cbs : Prepare an income statement for October for CBS - Prepare Statements for a Service Company

Driving the internationalization of business : What major factors are driving the internationalization of business? List and describe the major challenges to the development of global systems. Explain why some firms have not planned for the development of internationalization systems.

User Account

All Pages

What accounting principle would changing methods

Reference no: EM13552721

Reference no: EM13552721

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT