Accounting changes can affect the financial statement, Financial Accounting

Assignment Help:

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise.
1. A change from including the employer share of FICA taxes with payroll tax expenses to including it with "Retirement benefits" on the income statement.
2. Correction of a mathematical error in inventory pricing made in a prior period.
3. A change from presentation of statements of individual companies to presentation of consolidated statements.
4. A change in the method of accounting for leases for tax purposes to conform with the financial accounting method. As a result, both deferred and current taxes payable changed substantially.
5. A change from the FIFO method of inventory pricing to the LIFO method of inventory pricing.


Related Discussions:- Accounting changes can affect the financial statement

What is permanent negotiating machinery, Q. What is Permanent Negotiating M...

Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco

Play money assignment, I have this assignment. Is there a cost associated f...

I have this assignment. Is there a cost associated for help?

What do you mean by auditors report, Q. What do you mean by Auditors Report...

Q. What do you mean by Auditors Report? Auditors' Report - Written communication issued by an independent CERTIFIED PUBLIC ACCOUNTANT (CPA) describing the character of her or h

maximize profit, Natural Furniture Company manufactures three outdoor prod...

Natural Furniture Company manufactures three outdoor products, benches, chairs, and tables. Every product must pass by the following departments before it is shipped: sanding, sawi

How much did additional paid in capital increase?, GHH, Inc. has two classe...

GHH, Inc. has two classes of stock authorized: $100,000 par preferred and $1.00 par value common. As the begining of 20C, 200 shares of preffered stock and 300,000 shares of common

Explain forward loading with example, Q. Explain Forward loading with examp...

Q. Explain Forward loading with example? Terms may involve option to be issued with price to be determined based upon lowest price as of the issue date or for the subsequent 30

Measure of return in percentage terms, Both IRR and ROCE tenders a relative...

Both IRR and ROCE tenders a relative measure of return in percentage terms a feature that is seen as attractive to managers who may perhaps have difficulty in interpreting the abso

Calculate asset turnover, What is asset turnover - Asset turnover is a rat...

What is asset turnover - Asset turnover is a ratio which is considered as measures the effectiveness with which a business uses its assets in relation to the level of sales or inc

Analysis of the financial results, An introduction to the company, which fo...

An introduction to the company, which focuses on the context in which the company operates: • Ownership, development and location; • Resources, processes and employment; •

Payback period and net present value, Payback Period and Net Present Value ...

Payback Period and Net Present Value XYZ Software, Inc., has the following mutually exclusive projects. Year Project A Project B

Write Your Message!

Captcha
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