Quiz 20.14 – Examples of Changes in Accounting Principle
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which is a change in accounting principle?
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?
What is required under the modified retrospective approach for accounting changes?