Generally Accepted Accounting Principles Have Identified Four Types of Accounting

question 79

Essay

Generally accepted accounting principles have identified four types of accounting changes and two possible methods to use in accounting for these changes, as follows:
Required:
Following is a list of errors and changes.In the spaces provided, use the appropriate symbols selected from the above lists to indicate the type of change and how the change should be treated in the financial statements.

---

Definitions:

Moderately Labor-Intensive

Describing activities or processes that require a fair amount of human labor to complete.

Labor-Intensive

Describing tasks, processes, or industries that require a large amount of manual work relative to the investment in machinery.

High-Maintenance

Referring to someone or something that requires a lot of time, attention, or money to maintain or manage.

Moderately Labor-Intensive

Describes tasks or processes that require a significant but not excessive amount of physical or mental effort.