Quiz 20.13 – Primary Responsibility When Accounting Changes Occur
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
What is the most important responsibility when any type of accounting change occurs?
What is the most important responsibility when any type of accounting change occurs?
Which is a change in accounting principle?
Why do accounting changes occur?
Which of these is not a reporting approach for accounting changes?
In which financial statements is an accounting change reported using the prospective approach reflected?
Which type of accounting change usually requires the prospective approach?
How is a change accounted for when using the prospective approach?
For which type of accounting change is retrospective restatement usually not used?
What happens to prior years’ financial statements when an accounting change is reported under the retrospective approach?
Under which approach are prior years’ financial statements restated for accounting changes?