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?
What is an example of a change in reporting entity?
Which of the following options does not represent a change in reporting entity?
Which of the following should be reported as a prior period adjustment?
Which statement regarding the correction of an error is false?
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?