Acc 305 Week 8 Quiz 5

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ACC 305 WEEK 8 QUIZ 5
To purchase this visit here: http://www.activitymode.com/product/acc-305-week-8-quiz-5/ Contact us at:
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ACC 305 WEEK 8 QUIZ 5
ACC 305 Week 8 Quiz 5 - Strayer University NEW
ACC 305 WEEK 8 QUIZ 5
TRUE-FALSE—Conceptual

1. A change in accounting principle is a change that occurs as the result of new information or additional experience. 2. Errors in financial statements result from mathematical mistakes or oversight or misuse of facts that existed when preparing the financial statements. 3. Adoption of a new principle in recognition of events that have occurred for the first time or that were previously immaterial is treated as an accounting change. 4. 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. 5. When a company changes an accounting principle, it should report the change by reporting the cumulative effect of the change in the current year’s income statement. 6. 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. 7. 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. 8. Retrospective application is considered impracticable if a company cannot determine the prior period effects using every reasonable effort to do so. 9. Companies report changes in accounting estimates retrospectively. 10. When it is impossible to determine whether a change in principle or change in estimate has occurred, the change is considered a change in…...

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