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?
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?
Which account is usually NOT adjusted when using the retrospective approach for a change to the FIFO method?
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 change is NOT typically accounted for using the prospective approach?