ACC 306 Week 5 Assignment E 20-18, P 21-11, P 21-14

Apr 28th, 2015
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ACC 306 Week 5 Assignment E 20-18, P 21-11, P 21-14

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E 2018 Classifying accounting changes LO1 through LO5Indicate with the appropriate letter the nature of each situation described below:PR Change in principle reported retrospectivelyPP Change in principle reported prospectivelyE Change in estimateEP Change in estimate resulting from a change in principleR Change in reporting entityN Not an accounting changeExercise 20-18 EP 1.Change from declining balance depreciation to straight-line. E 2.Change in the estimated useful life of office equipment. E 3.Technological advance that renders worthless a patent with an unamortized cost of $45,000. PR 4.Change from determining lower of cost or market for inventories by the individual item approach to the aggregate approach. PR 5.Change from LIFO inventory costing to weighted-average inventory costing. E 6.Settling a lawsuit for less than the amount accrued previously as a loss contingency. R 7.Including in the consolidated financial statements a subsidiary acquired several years earlier that was appropriately not included in previous years. N * 8.Change by a retail store from reporting bad debt expense on a pay-as-you-go basis to the allowance method. PR 9.A shift of certain manufacturing overhead costs to inventory that previously were expensed as incurred to more accurately measure cost of goods sold. (Either method is generally acceptable.) E 10.Pension plan assets for a defined benefit pension pla

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