Indicate the Nature of Each of the Situations Described Below

question 144

Essay

Indicate the nature of each of the situations described below using the following three-letter code.
CODE DESCRIPTION
CPR: Change in principle reported retrospectively
CPP: Change in principle reported prospectively
CES: Change in estimate
CRE: Change in reporting entity
PPA: Prior period adjustment required
____ Change from FIFO inventory costing to LIFO inventory costing.
____ Change from LIFO inventory costing to FIFO inventory costing.
____ Change in the composition of a group of firms reporting on a consolidated basis.
____ Change to the installment method of accounting for receivables.
____ Change in actuarial assumptions for a defined benefit pension plan.
____ Change from sum-of-the-years' digits depreciation to straight-line.
____ Change from expensing extraordinary repairs erroneously recorded as an expense to capitalizing the expenditures.
____ Change in the percentage used to determine warranty expense.
____ Change from reporting postretirement benefits according to the provisions of U.S. GAAP.
____ Change in the residual value of machinery.

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Definitions:

Abuse

Harmful, injurious, or offensive treatment of a person or entity, which can be physical, emotional, sexual, or psychological.

Harm Reduction

A set of practical strategies aimed at minimizing negative health, social, and legal impacts associated with various human behaviors, notably drug use.

Alcohol Abuse

The harmful or hazardous use of alcohol that leads to health problems, social issues, or both.

Choice

Choice refers to the act of selecting between two or more possibilities, often influenced by personal preference, values, or circumstances.