User Account

All Pages

One of two different transition methods

Assignment Help Accounting Basics
Reference no: EM13866351

When the FASB issues a new generally accepted accounting principle, it may require companies to apply the new principle prospectively, or to account for the change by the retrospective adjustment method.
Required:
Why do you think that the FASB requires one of two different transition methods when a company adopts a newly required accounting principle? Do you agree with the use of two alternative methods?

Reference no: EM13866351

Questions Cloud

Valuate the role that internal controls played : What are the legal liabilities of board members and members of the audit committee? Analyze the facts of the case and comment whether they violated their legal ethical obligations Are there any parallels in the case with the Tyco case discussed in Ch..
Develop action steps based on the core points of the book : What are you going to do about it? Develop action steps based on the core points of the book. This section must be a description of how the main ideas will affect your counseling
Do you believe deloitte & touche breached its fiduciary : Do you believe Deloitte & Touche breached its fiduciary duty to Vertical Pharmaceuticals in this case? Why or why not? Do you believe Deloitte was guilty of malpractice as alleged by Vertical? Use the discussion in this chapter to answer this questio..
Analyze an occupation of your choice : In 5 pages (this does NOT include the pages with your title and references) analyze an occupation of your choice (e.g., dentist, teacher). That is, provide job description, job requirements, and results of interviewing at least 2 workers.
One of two different transition methods : When the FASB issues a new generally accepted accounting principle, it may require companies to apply the new principle prospectively, or to account for the change by the retrospective adjustment method.
What role does such knowledge play in enabling : The court decision refers to the importance of the auditors knowing about third-party usage of the audited financial statements What role does such knowledge play in enabling auditors to meet their professional and ethical responsibilities?
What is the relationship between a parameter and a statistic : What is meant by statistical inference? What is its function and importance and what is meant by and what is the relationship between a parameter and a statistic?
In which direction would the price of gasoline increases : In which direction would the price of gasoline increases because of a catastrophic oil spill changes in conditions cause the aggregate supply curve to shift?
Mass of a moist sample : The mass of a moist sample of soil is 20.7 kg. The total volume of the sample before drying is 0.011m3

Reviews

Write a Review

Accounting Basics Questions & Answers

  If maintenance hours in october are expected to be 3000

x company uses the high-low method to predict maintenance costs each month with maintenance hours as the activity

  This machine would cost 3800 polaski company has no

polaski company manufactures and sells a single product called a ret. operating at capacity the company can produce

  On 4-1-13 company paid for a one yr liab insurance policy

make the year end 12-31-13 general journal adjustments for macomb mold company.company only prepares adjustments and

  Companion computer company has been purchasing carrying

companion computer company has been purchasing carrying cases for its portablecomputers at a delivered cost of 68 per

  Recording assets under ifrs

Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?

  Auditor reasoning process about an account balance

Regarding the auditor's reasoning process about an account balance, the auditor should:

  A company receives a 10 90-day note for 1500 the total

1 the interest accrued on a 6500 at 6 for 60 days isa 36b 42c 65d 180e 4202 a 90-day note issued on april 10 matures

  What would deferred revenue be as of the end of year 3

What would deferred revenue be as of the end of Year 3?

  The perfect tool company produced 80000 saw blades during

the perfect tool company produced 80000 saw blades during the year. it took 1.5 hours of labor per blade at a rate of

  Buckley company is considering an investment of 760000 in

buckley company is considering an investment of 760000 in heavy equipment which will enable the company to be more

  Problem related to managerial accounting

Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.

  Noncumulative-nonparticipating preferred stock

Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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