Quiz 20.33 – Identifying Non-Accounting Principle Change
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which item is NOT a change in accounting principle?
Which item is NOT a change in accounting principle?
Which account is usually NOT adjusted when using the retrospective approach for a change to the FIFO method?
What type of accounting change did Hoffman Co. make by switching from LIFO to FIFO in 2021?
What will happen to the reported 2020 inventory amount in the 2021 comparative financial statements when La Casita Restaurants changes from FIFO to weighted average inventory costing during 2021?
Which of the following changes is NOT typically accounted for retrospectively?
Which change is NOT typically accounted for using the prospective approach?
Which accounting change should NOT be accounted for prospectively?
Which change is NOT typically accounted for using the prospective approach?
Which change in inventory costing should NOT be reported by revising the financial statements of prior periods?
Which of the following examples represents a change in estimate?