User Account

All Pages

What the correct accounting treatment of the event is to

Assignment Help Financial Accounting
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

Questions Cloud

General process for conforming to pay equity legislation : Discuss the general process for conforming to pay equity legislation.
Which is required to be disclosed in a note to the statement : Which is required to be disclosed in a note to the statement of cash flows? details of the cash flows arising from the acquisition or disposal of non-current.
Which company experienced a number of material events : Just before the finalization of the financial statements for the year ended 30 June 2020, a company experienced a number of material events, including
Which financial statements for the year ended june : Which financial statements for the year ended 30 June 2019 were expected to be finalized by 7 August 2019. The appropriate treatment regarding this event is
What the correct accounting treatment of the event is to : 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
Assess the different methods used in hrm practices : "Assess the different methods used in HRM practices, providing specific examples to support evaluation within an organisational context"
Assignment-human resource information system : The VP of HR has advised that the new HRIS system has been approved and you have been asked to take on this responsibility. Prepare a report that includes all o
Which of the factors indicate the existence of control : According to IFRS 10 Consolidated Financial Statements, which of the factors indicate the existence of control? Ownership of more than 50% of the voting rights.
Evaluate aquinas five arguments : Evaluate each of Aquinas's five arguments as the proofs for the existence of God. Why do you think a believer like Aquinas would be concerned with proving God's

Reviews

Write a Review

Financial Accounting Questions & Answers

  Accountant for robinson company

The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscal year just ended.

  What inventory valuation method does each company use

What inventory valuation method does each company use? Why do you think the companies picked these methods? How do both companies deal

  Compute the receivable turnover ratio

Net Accounts Receivable of $4000, and Net Sales of $60119. Last year's Net Accounts receivable was 4400. Compute the Receivable Turnover ratio

  Calculate the projects internal rate of return

Bob is looking to expand an existing project. The expansion requires an immediate outflow (an investment today) of $85 million. bob anticipates that the project will generate one future cash flow of $155 million that will arrive at the end of year 6,..

  Evaluate all materials and labor variances in a spreadsheet

Calculate all materials and labor variances in a spreadsheet by using a program like Excel. Be sure to include price, quantity, wage rate, and labor efficiency variances.

  Multiple choice questions related to valuation of real

multiple choice questions related to valuation of real estate property.1.nbspwhat concept is illustrated if the

  Appropriate drivers for short term variable overhead costs

When using ABC, what types of cost drivers are appropriate for short-term variable overhead costs?

  What is the retained earning breakpoint

In optimal capital allocation process the company capital budgeting, What is the weighted average cost of capital? What is the retained earning breakpoint?

  Which accounts are incorrect as a result of the errors

Indicate in the table below which accounts are incorrect as a result of these errors at January 1, 2018 and whether those accounts

  Calculate the number of equivalent units produced

There was no WI P at the beginning of the period, but at the end of the period there was WI P of 3,800 units which were 100% complete for materials and 50% complete for labour and overheads. - Calculate the number of equivalent units produced.

  Find What amount of company ending Merchandise? Inventory

Roadside, Inc. had the following balances and transactions during 2024, What is the amount of the company's ending Merchandise Inventory

  How much do the Millers need to deposit into the account

How much do the Millers need to deposit into the account at the end of each of the next 30 years to accomplish their goals

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd