exercises ex 21 47 overall objectives of accounting and disclosure standards for acc 4314485

exercises ex 21 47 overall objectives of accounting and disclosure standards for acc 4314485

EXERCISES

Ex 21-47 Overall objectives of accounting and disclosure standards for accounting changes

What are the three main objectives of accounting and disclosure standards for accounting changes?

Ex. 21-48 Conditions for a change in accounting policy under IFRS and ASPE

What conditions are allowed for a change in accounting policy to be acceptable?

Ex. 21-49 Matching accounting changes to situations

The three types of accounting changes are:

Code

a) Change in accounting policy

b) Change in accounting estimate

c) Error correction

Instructions

Following are a series of situations. You are to enter a code letter to the left to indicate the type of change.

____              1.Change due to debiting a new asset to an expense account.

____              2.Change from FIFO to weighted average costing.

____              3.Change due to failure to recognize unearned portion of revenue.

____              4.Change in amortization period for an intangible asset.

____              5Change in the calculation of warranty liabilities.

____              6.Change due to failure to recognize and accrue income.

____              7.Change in residual value of a depreciable plant asset.

____              8.Change from an unacceptable accounting policy to an acceptable accounting                                                         policy.

____                9.Adoption of a new accounting standard.

____              10.Change due to expensing prepaid assets.

____              11.Change from straight-line to double declining-balance method of depreciation.

____              12.Change in estimated service life of a depreciable plant asset.

____              13.Change from one acceptable policy to another acceptable policy.

____              14.Change due to understatement of inventory.

____              15.Change in estimated net realizable value of accounts receivable.

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