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Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
1. Prospective approach
The approach now used for changes in depreciation methods
2. Changes in accounting principle
Required for all material accounting changes and error corrections.
3. Changes in reporting entity
Accounting changes always handled retrospectively.
4. Error corrections
Most are handled under the retrospective approach.
5. Disclosure note
Involves consolidated financial statements.
How does M&S report its inventories in the statement of financial position? In the notes to its financial statements, what three descriptions are used to classify its inventories?
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs - Purpose a trial balance for October
Identify the financial statements on which each of the following titles or accounts would appear. If a title or an account appears on more than one statement, list all statements that would include it.
Determine the direct labor rate variance? Evaluate the standard direct labor rate?
Expenditures for research and development intended to lead to new products of commercial value
Utech Company has income before irregular items of $374,400 for the year ended December 31, 2014. It also has the following items (before considering income taxes): (1) an extraordinary fire loss of $59,500 and (2) a gain of $27,700 from the disposal..
A tract of land was acquired for $200,000 as a potential future building site from Flopper Corp. A plant facility consisting of land and building was acquired from Slick Company in exchange for 20,000 shares of Flopper's common stock. Prepare the Gen..
If the direct labor price variance was $8,400 unfavorable, and the standard rate of pay was $18 per direct labor hour, what was the actual rate of pay for direct labor?
The market value of the common stock at the date of the conversion was $30 per share. Illustrate what total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common..
Evaluate goals and priorities of the local government goods and services and Assess internal and external challenges for providing goods and services.
A company's current net operating income is $23,000 and its average operating assets are $128,000. The company's required rate of return is 15%. A new project being considered would require an investment of $20,800 and would generate annual net opera..
Amble Inc. exchanged a truck with a carrying value of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The transaction lacks commercial substance.
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