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:

Economic Hardship

Financial difficulties experienced by individuals or families that make it hard to meet basic needs such as food, shelter, and healthcare.

Homelessness

The condition of lacking a stable, permanent, and adequate place to live.

Child Support

Financial contributions legally required from a non-custodial parent to support their child or children's upbringing and welfare.

Acute Battering Incident

A specific episode of severe physical abuse, usually in the context of intimate partner violence.