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ACCT 311

Chapter 22 Quiz

QuestionAnswer
Errors in financial statements result from mathematical mistakes or oversight or misuse of facts that existed when preparing the financial statements. TRUE
Adoption of new principle in recognition of events that have occurred for the first time or that was previously immaterial is treated as an accounting change. FALSE
Retrospective application refers to the application of a different accounting principle to recast previously issued financial statements-as if the new principle had always been used. TRUE
One of the disclosure requirements for a change in accounting principle is to show the cumulative effect of the change on retained earnings as of the beginning of the earliest period presented. TRUE
An indirect effect of an accounting change is any change to current or future cash flows of a company that result from making a change in accounting principle that is applied retrospectively. TRUE
Restropective application is considered impracticable if a company cannot determine the prior perid effects using every reasonable effort to do so. TRUE
A change in accounting principle for financial purposes that differs from a principle previously used for both financial and tax purposes could result in an adjustment or addition of a deferred tax asset or liability. TRUE
Companies report changes in accounting estimates retrospectively. FALSe
When it is impossible to determine whether a change in principle or change in estimate has occurred, the change is considered a change in estimate. TRUE
Companies account for a change in depreciation methods as a change in accounting principle. FALSE
Companies record corrections of errors from prior periods as an adjustment to the beginning balance of retained earnings in the current period. TRUE
Balance sheet errors affect only the presentation of an asset or liability account. FALSE
A company changes from straight line to an accelerated method of calculating depreciation, which will be similar to the method use for tax purposes. The entry to record this change should include a ________. CREDIT to Accumulated Depreciation
Which types of accounting change would simply be accounted for in current and future periods without adjustment to retained earnings for the current period? Change in accounting estimate
Created by: VrtuousDiva
 



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