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How would the accounting changes impact balance sheet

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Question 1: For each of the following changes in accounting policies, explain what economic events are likely to prompt the changes. How would the accounting changes impact Balance Sheet and Income Statement items such as assets, liabilities, revenue and expenses?

  • Switching from recording inventory at purchase price to a lower value.
  • Switching from straight line depreciation to units of use.
  • Changing the discount rate used to value a business unit from 8% to 6%.

Reference no: EM132554946

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