What is the indirect effect of a change in accounting

Assignment Help Accounting Basics
Reference no: EM131118233

1. What is the indirect effect of a change in accounting principle? Briefly describe the reporting of the indirect effects of a change in accounting principle.

Reference no: EM131118233

Questions Cloud

How does this information affect the financial statements : How does this information affect the financial statements to be prepared at the end of 2010?
Indicate how the following items are recorded : Indicate how the following items are recorded in the accounting records in the current year of Coronet Co.
How should the bank report this accounting change : How should the bank report this accounting change in the comparative financial statements?
Define a change in estimate and provide an illustration : Define a change in estimate and provide an illustration. When is a change in accounting estimate effected by a change in accounting principle?
What is the indirect effect of a change in accounting : What is the indirect effect of a change in accounting principle? Briefly describe the reporting of the indirect effects of a change in accounting principle.
Compute the amounts of these ratios for fiscal year 5 : Assess the changes in the long-term solvency risk of Abercrombie & Fitch between fiscal Year 3 and fiscal Year 5 and the level of that risk at the end of fiscal Year 5. Compute the amounts of these ratios for fiscal Year 5.
Identify and describe the approach the fasb requires : Identify and describe the approach the FASB requires for reporting changes in accounting principles.
Change from the percentage of completion to the completed : Change from the percentage-of-completion to the completed- contract method for reporting net income.
What are the major reasons why companies change accounting : In recent years, the Wall Street Journal has indicated that many companies have changed their accounting principles. What are the major reasons why companies change accounting methods?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The publication of the magazine every month

Both events, by recognizing a portion of the revenue with cash sale of the magazine subscription and a portion of the revenue with the publication of the magazine every month.

  Preparing a cash distribution plan problem

Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.

  Describe the it controls that volpner should include

Describe the IT controls that Volpner should include when it implements an internet EDI system. For each control you suggest, describe the intended purpose of the control.

  Standard price of the rate material

Standards call for 2 meters of the raw material for each unit of the completed product. The standard price of the rate material is $4.70 per meter. The materials variances for October were:

  Lincoln corporation has retained earnings

Lincoln Corporation has retained earnings of $675,000 at January 1, 2004. Net income during 2004 was $2,400,000, and cash dividends declared and paid during 2004 totaled $75,000.

  Fraudulent accounting described affect the current ratio

How did the fraudulent accounting just described affect the current ratio?

  Determining annual amount of payroll and purchasing costs

Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.

  Day county needs a new county government building that

day county needs a new county government building that wouldcost 10 million. the politicians feel that voters will not

  Corporation files for bankruptcy

In 2001, Donna sells 100 of these shares to Walter (a family friend) for $100,000. In 2007, Egret Corporation files for bankruptcy, and its stock becomes worthless.

  Explain one of the three elements that are present when

describe one of the three elements that are present when fraud occurs. of the three elements which do you think is

  The production manager at martinez has pointed out that if

martinez inc. makes g18 internally. 16000 units of this part are produced and used every year in making one of

  Identification and evaluation of current liabilities

p4. Stan Styka opened a small dryer repair shop, Styka Repair Shop, on January 2, 2014. The shop also sells a limited number of dryer parts.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd