For Each of the Following Items, Indicate the Type of Accounting

question 80

Essay

For each of the following items, indicate the type of accounting change and how each is recognized in the accounting records in the current year.(a) Change from straight-line method of depreciation to sum-of-the-years'-digits(b) Change from the cash basis to accrual basis of accounting(c) Change from FIFO to LIFO method for inventory valuation purposes (retrospective application impractical)(d) Change from presentation of statements of individual companies to presentation of consolidated statements(e) Change due to failure to record depreciation in a previous period(f) Change in the realizability of certain receivables(g) Change from LIFO to FIFO method for inventory valuation purposes

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Definitions:

Road Construction

The process of building, maintaining, and repairing roads, including activities such as excavating, paving, and installing traffic management systems.

Navigate

To plan and direct the path or course of something, especially by using instruments or maps, or metaphorically to find one's way in life or a complex situation.

Positive Reinforcement

A method in behaviorism used to increase the likelihood of a particular response by following it with the addition of something pleasant or rewarding.

Study Harder

Suggests increasing the intensity or dedication with which one engages in learning activities to achieve better academic or knowledge outcomes.