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Which changes should be applied retrospectively

Assignment Help Financial Accounting
Reference no: EM132907522

Problem 1: when determining whether an item of financial information is material sn the entity should consider it?

A) quantitative thresholds

B) the size of the item only

C) the nature of the item only

D) the size and nature of the item

Problem 2: Which one of the following is a key component of the definition of an asset?

A) An entity owns the asset

B) An entity controls the asset

C) An event will occur in the future

D) An outflow of future economic benefits is expected

Problem 3: In accordance with IAS 8 Accounting Policies changes in Estimates and errors which one of the following changes should be applied retrospectively?

A) Am increase in the estimate of doubtful debts

B) A reduction in depreciation expense due to ti a change in an expected useful life.

C) An inventory write-down due to obsolescence

D) A voluntary change in subsequent measurement of equipment

Reference no: EM132907522

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