Quiz 20.108 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, prospective approach, disclosure note, etc…
Match each phrase with its corresponding terminology, prospective approach, disclosure note, etc…
Match each phrase with its corresponding terminology, changes in accounting estimates, cumulative effect adjustment to income statement, etc…
ature. (CPR: Change in principle reported retrospectively, CPP: Change in principle reported prospectively, CES: Change in estimate, CRE: Change in reporting entity, PPA: Prior period adjustment required)
Which is a change in accounting principle?
Why do accounting changes occur?
What is required under the modified retrospective approach for accounting changes?
Which change in accounting should NOT use the retrospective approach?
Which of the given changes in accounting principle is NOT typically accounted for by retrospectively revising prior financial statements?
Which item is not included in the retrospective approach?
Which item is NOT a change in accounting principle?