Quiz 20.24 – Accounting Changes: Retrospective Approach
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which of the following changes would require the use of the retrospective approach for accounting purposes?
Which of the following changes would require the use of the retrospective approach for accounting purposes?
Which option(s) correctly identify the appropriateness of retrospective restatement for changes in accounting estimates and accounting principles?
When should companies report the cumulative effect of an accounting change in the income statement?
Where is the cumulative effect of most changes in accounting principle reported in the financial statements?
Under the retrospective approach, how are account balances in the general ledger adjusted when an accounting change is reported?
What should disclosure notes related to a change in accounting principle under the retrospective approach include?
What type of accounting change did Hoffman Co. make by switching from LIFO to FIFO in 2021?
Which of the following changes is NOT typically accounted for retrospectively?
Which accounting change should NOT be accounted for prospectively?
Which change in inventory costing should NOT be reported by revising the financial statements of prior periods?