questions week 5

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Intermediate Accounting, Ch. 22 Responses should be at least 200-300 words. Change in Accounting Principle SELINA STEWART 1. What is a change in accounting principle? 2. How do you determine if a change in principle should be reported retroactively, currently, or 3. prospectively? How do these changes affect financial statements? Week 5 Key Concepts Accounting Errors SELINA STEWART 1. Why do accountants make errors? 2. What types of errors may occur? Why is it necessary to correct them? 3. What are the ramifications of not correcting errors? WileyPLUS: Read, Study & Practice SELINA STEWART 1. What are some examples of counterbalancing errors? 2. What are some examples of noncounterbalancing errors? 3. What are the differences between counterbalancing and noncounterbalancing errors? 4. How are each handled? Does it matter if the books are closed? Why or why not?
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