Explain whether each of the following transactions would be accounted for as a change in accounting policy,change in accounting estimate or as an error correction.Assume that the entity reports its financial results in accordance with ASPE and all transactions are material.
Definitions:
Adjusting Entries
These are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Expense Account
An account used to track expenditures or costs incurred by a business or an individual for operational purposes.
Asset Account
An account that tracks resources owned or controlled by a business or individual which have economic value.
Unearned Items
Income received for goods not yet delivered or services not yet provided, considered a liability until the goods or services are delivered.
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