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Problem 1: Why is retrospective treatment of change in accounting estimate prohibited?
a. A change in accounting estimate is a normal recurring correction or adjustment.
b. The retrospective treatment is not allowed.
c. Retrospective treatment of change in accounting estimate is required by IFRS.
d. IFRS is silent on the issue.
Problem 2: Which is required for a change from sum of years' digits to straight line depreciation?
a. Reported in the statement of retained earnings
b. Retrospective restatement
c. Recomputation of depreciation for current and future years
d. All of these are required.
What transactions or events would cause financing section entries in cash flow from investments? Explain in detail with an specific example.
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On Jan 1, 2014, a company issued 10-year,10% bonds payable with par value of $500,000 and received $442,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July and Jan 1. The issu..
CRMs, affect the American marketplace. CRMs have become an issue for American investors because of the lack of oversight from both the United States and China. The premise of a CRM is that a Chinese shell company acquires a publicly listed American c..
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ABC had 4,000 units of this inventory at December, How much is the loss on the purchase commitment to be recognized on December 31, 20x1?
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