Multiple Choice
Which of the following should NOT be reported retroactively?
A) Use of an unacceptable accounting principle,then changing to an acceptable accounting principle
B) Correction of an overstatement of ending inventory made two years ago
C) Use of an unrealistic accounting estimate,then changing to a realistic estimate
D) Change from a good faith but erroneous estimate to a new estimate
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Which of the following is NOT a
Q20: Diamond Company changed from the completed-contract method
Q21: Which of the following is not correct
Q22: Queener Corporation uses a periodic inventory system
Q23: Which of the following is characteristic of
Q25: Albritton Inc.bought a patent for $900,000 on
Q26: Which of the following is not an
Q27: For a company with a periodic inventory
Q28: On January 1,2011,Caravanos Company purchased for $320,000
Q29: Which of the following is characteristic of