Devry ACCT 312 Week 5 Quiz Latest

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Devry ACCT 312 Week 5 Quiz Latest

 

Question 1.1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of (Points : 4)

prior years only.

prior years plus the current year.

the current year only.

current and future years.

Question 2.2. (TCO 7) Which is not an example of a change in accounting principle? (Points : 4)

A change from LIFO to FIFO for inventory costing

A change to the full costing method in the extractive industries

A change in the useful life of a depreciable asset

A change from the cost method to the equity method of accounting for investments

Question 3.3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result, (Points : 4)

current income tax payable increases.

the cumulative effect decreases current period earnings.

prior periods’ financial statements are restated.

None of the above

Question 4.4. (TCO 7) A change that uses the prospective approach is accounted for by (Points : 4)

implementing it in the current year.

reporting pro forma data.

retrospective restatement of all prior financial statements in a comparative annual report.

giving current recognition of the past effect of the change.

Question 5.5. (TCO 7) Prior years’ financial statements are restated under the (Points : 4)

current approach.

prospective approach.

retrospective approach.

None of the above

 

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Devry ACCT 312 Week 5 Quiz Latest

Best Devry ACCT 312 Week 5 Quiz Latest

Devry ACCT 312 Week 5 Quiz Latest