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What the correct accounting treatment of the event is to

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Reference no: EM132940152

Problem 1. Which of the following is not included in a complete set of financial statements?

A. A statement of changes in equity for the period

B. A statement of cash flows for the period

C. A statement of financial position for the period

D. Notes, comprising a summary of significant accounting policies and other explanatory information

Problem 2. Suma Lele Ltd has discovered that the estimated useful life of a material depreciable asset was incorrect due to a change in the way the asset was being used. The correct accounting treatment of this event is to:

A. disclose the change in the notes to the financial statements.

B. treat it as an error and adjust retrospectively

C. treat it as a change in an accounting estimate and adjust prospectively.

D. treat it as a change in an accounting estimate and adjust retrospectively.

Reference no: EM132940152

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