ACCT 312 Week 5 Quiz

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ACCT 312 Week 5 Quiz

 1.Question :(TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of
Student Answer: prior years only.
 prior years plus the current year.
 the current year only.
 current and future years.

 

Question 2.Question :(TCO 7) When the retrospective approach is used for a change to the FIFO method, which account is usually not adjusted?
Student Answer: Deferred Income Taxes
 Inventory
 Retained Earnings
 All of the above usually are adjusted.

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Question 3.Question :(TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result,
Student Answer: current income tax payable increases.
 the cumulative effect decreases current period earnings.
 prior periods’ financial statements are restated.
 None of the above

 

Question 4.Question :(TCO 7) A change that uses the prospective approach is accounted for by
Student Answer: implementing it in the current year.
 reporting pro forma data.
 retrospective restatement of all prior financial statements in a comparative annual report.
 giving current recognition of the past effect of the change.

 

Question 5.Question :(TCO 7) Which change should be accounted for using the retrospective approach?
Student Answer: A change in the estimated useful life of a depreciable asset
 A change from straight-line to double-declining-balance depreciation
 A change to LIFO from FIFO inventory costing
 A change from percentage-of-completion to the completed contract method

 

 

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