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Test Bank-2020-Financial Accounting-Meaning.Nature & Role-Chapter 20- Accounting Changes and Errors

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19. When an accounting change is reported under the retrospective approach, prior years' financial statements are: A. Revised to reflect the use of the new principle. B. Reported as previously prepared. C. Left unchan ...

19. When an accounting change is reported under the retrospective approach, prior years' financial statements are: A. Revised to reflect the use of the new principle. B. Reported as previously prepared. C. Left unchanged. D. Adjusted using prior period adjustment procedures. 20. Regardless of the type of accounting change that occurs, the most important responsibility is: A. To properly determine the tax effect. B. To communicate that a change has occurred. C. To compute the correct amount of the change. D. None of the above. 21. Which of the following changes would not be accounted for using the prospective approach? A. A change to LIFO from average costing for inventories. B. A change from the individual application of the LCM rule to aggregate approach. C. A change from straight-line to double-declining balance depreciation. D. A change from double-declining balance to straight-line depreciation. 22. Accounting changes occur for which of the following reasons? A. Management is being fair and consistent in financial reporting. B. Management compensation is affected. C. Debt agreements are impacted. D. All of the above. 1. Change in estimate Change from FIFO inventory costing to LIFO inventory costing. 2. Prior period adjustment required Change from LIFO inventory costing to FIFO inventory costing. 3. Change in principle reported retrospectively Change in the composition of a group of firms reporting on a consolidated basis. 4. Change in principle reported prospectively Change to the installment method of accounting for receivables. 5. Change in estimate Change in actuarial assumptions for a defined benefit pension plan. 6. Change in principle reported retrospectively Change from sum-of-the-years' digits depreciation to straight-line. 7. Change in principle reported prospectively Change from expensing extraordinary repairs erroneously recorded as an expense to capitalizing the expenditures. 8. Change in reporting entity Change in the percentage used to determine bad debts. 9. Change in principle reported prospectively Change from prior reporting for postretirement benefits to that mandated by an Accounting Standards Update. 10. Change in estimate Change in the residual value of machinery.

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