ACCT 370 Connect Smartbook Assignment 5 solutions complete answers

ACCT 370 Connect Smartbook Assignment 5 solutions complete answers 

 

Which of the following is needed when an error is not so significant that it renders previously issued financial statements unreliable?

 

Accounting errors or irregularities occur because of

 

Changes in accounting estimates that result from a change in accounting principle are

 

In general, U.S. GAAP requires that firms use the   approach to account for changes in accounting principles.

 

If a firm wishes to change their inventory valuation method but does not have the detailed records needed to retroactively restate prior periods' results,

 

Decreasing the salvage value of equipment from $50,000 to $35,000 is a(n) __.

 

Which of the following are true of changes in accounting estimates?

 

Under which of the following circumstances is it impracticable to apply a change in accounting principle retrospectively?

 

When accounting estimates are changed,

 

The cumulative effect of an accounting principle change is the difference between which two of the following?

 

A business combination accounted for under the ______ method is specifically excluded from the definition of a change in reporting entity.

 

The cumulative effect approach is allowed when there is a change in accounting principle if

 

Consistency in the application of accounting standards is not always possible because

 

Which of the following requires registrants to make disclosures about the expected financial statement effects of recently issued accounting standards that have not yet been adopted?

 

Which of the following are considered a changes in accounting estimate?

 

True or false: Accounting errors and irregularities are always a result of outright fraud.

 

Based on new information, a firm changes from the straight-line method of depreciation to double-declining balance method. This change will be accounted for as

 

A company's external auditors are charged with

 

A change in reporting entity

 

True or false: In general, U.S. GAAP requires that firms use the cumulative effect approach to account for changes in accounting principles.

 

A prior-period adjustment is used to correct

 

The SEC disclosure requirements of the expected financial statement effects of recently issued accounting standards are useful to analysts because

 

Which of the following causes of error or irregularities are at the heart of some of the largest corporate failures in U.S. history?

 

Which of the following is needed when an error is so significant that investors must be alerted when the error is discovered that they should no longer rely on the previously issued financial statements?

 

The SEC staff is charged with

 

Which of the following are true regarding restatements after 2006?

 

Which of the following is considered a change in reporting entity?

 

Which of the following explains the important accounting choices the reporting entity uses to account for selected transactions and accounts?

 

A prior-period adjustment includes which of the following?

 

Which of the following will require the disclosure of subsequent events?

 

Which of the following are examples of related-party transactions?

 

Which of the following are ways to disclose corrections of errors in previously issued financial statements?

 

Non-GAAP metrics are allowed provided

 

Which of the following contributed to the drastic jump in financial statement restatements that took place in 2005 and 2006?

 

The Summary of Significant Accounting Policies

 

Which of the following are examples of subsequent events that must be disclosed?

 

A      -      transaction occurs when a reporting entity enters into a transaction with individuals or other business that are in some way connect with it or its management or board of directors.

 

Common non-GAAP metrics include

 

True or false: A subsequent event occurs before the close of a firm's fiscal year-end but after the financial statements are issued.

 

Accounting changes include

 

Adopting the new FASB standard on lease accounting is a

 

A change in accounting principle occurs when

 

A company's internal audit staff and audit committee are charged with

 

The cumulative effect approach is allowed when there is is a change in accounting principle if

 

The income effects of a changed estimate are accounted for in the period of the change and/or in future periods under the approach.

 

Match the type of accounting change with the appropriate example of that change.

 

Summary of Significant Accounting Policies

 

Under the cumulative effect approach

 

Under the retrospective approach to accounting for changes in accounting principles,

 

Using the same accounting methods to describe similar economic events from period to period is referred to as

 

Which of the following is considered a change in accounting principle?