Quiz 20.65 – Doug Smith Industries
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
When changing the depreciation method for warehouses, which detail should NOT be included in the disclosure note?
When changing the depreciation method for warehouses, which detail should NOT be included in the disclosure note?
What is the impact of reporting consolidated financial statements instead of statements of individual companies reported in previous years for Diversified Systems, Inc.?
What is the impact on Z Company’s financial statements if they consolidate a subsidiary that was appropriately excluded from consolidation last year?
Which of the following should be reported as a prior period adjustment?
What is the appropriate accounting treatment for Washburn Co. after spending $10 million to purchase a patented technology and using different depreciation methods on their assets?
If Green Company discovers an overstatement of its inventory by $50 million at the end of 2021, what would be required before adjusting or closing entries in 2022?
If Cooper Inc. took physical inventory at the end of 2020 and purchases that were acquired FOB destination were in transit, what accounting adjustments are required?
If C. Goode Eyeglasses overstated its inventory by $30,000 at the end of 2021, what would be required before adjusting or closing entries in 2022?
If C. Goode Eyeglasses overstated its inventory by $30,000 at the end of 2021 and the error is not discovered until 2023, what would be required before adjusting or closing entries in 2023?
What is the correct accounting treatment for Kojak Insurance Co. if an internal audit in early 2022 discovers that the $500,000 received for a two-year property insurance policy in December 2021 was recorded as insurance premium revenue?