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Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank
HomeAccounting Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank
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Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank

$55.00 $45.00

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Description

Intermediate Accounting Volume 2 Canadian 7th Edition By Beechy – Test Bank

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.

  • A change from inventory costing using FIFO to inventory costing using Weighted Average is an example of a change in accounting principle.
    1. True B) False

Answer: B

  • Revised estimates of the useful life or residual value of a depreciable asset are examples of a change in accounting principle.
    1. True B) False

Answer: B

  • A change, for depreciation purposes, of either estimated useful life or estimated residual value usually is referred to as a change in accounting estimate.
    1. True B) False

Answer: B

  • Accounting policy changes are only justifiable when there is a change to a primary source of GAAP.
    1. True B) False

Answer: B

  • Accounting policy changes must always be handled retrospectively.
    1. True B) False

Answer: B

  • The failure to expense a prepaid asset is an example of a counterbalancing error.
    1. True B) False

Answer: B

  • Accounting changes reported by using the current approach, require that the “catch-up adjustment” include the effect on earnings in the year of the change.
    1. True B) False

Answer: B

  • If a change in estimate and a change in principal occur on the same item and at the same time, the one that is dominant is reported.
    1. True B) False

Answer: B

  • Changes in accounting policy are always voluntary in nature.
  1. A) True B) False

Answer: B

  • A change in the useful life of an asset requires an accounting estimate change, which affects only periods after the change, is made.
    1. True B) False

Answer: B

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