Which of the Following Would Be Accounted for as a Change

question 157

Short Answer

Which of the following would be accounted for as a change in accounting policy? (More than one answer may be correct.)
A)A furniture maker decreases bad debts expense from 3% to 2% of credit sales.
B)A manufacturer determines that credit losses are becoming material due to deteriorating economic conditions. As a result, it decides to set up an allowance for doubtful accounts at 5% of amounts over 90 days.
C)A parking service estimates bad debts to be 10% of the value of parking violations issued. In the current year, it changes to estimating the allowance for bad debts to be equal to 20% of accounts 30 to 90 days and 50% of accounts over 90 days.
D)A shipbuilder changes its revenue recognition policy from the point of receipt by the customer to when the ship leaves the factory shipyard. This change results from a change in shipping policy from f.o.b. destination to f.o.b. shipping point. (Recall from introductory accounting that f.o.b. means "free on board," and it refers to the point at which ownership transfers from seller to buyer.)
E)An electronics retailer has never accrued for warranties or product guarantees. A new consumer protection law comes into effect, giving buyers of electronic products a guarantee against defects for 180 days after purchase and the ability to return defective products to the retailer.
F)A clothing company that has been operating for 20 years decides to obtain an external audit for the first time in order to meet the bank's demands. The audit firm recommends that management report inventories at the lower of cost and net realizable value, whereas the company has previously only tracked and reported inventory figures at cost.

• A)A furniture maker decreases bad debts expense from 3% to 2% of credit sales.
• B)A manufacturer determines that credit losses are becoming material due to deteriorating economic conditions. As a result, it decides to set up an allowance for doubtful accounts at 5% of amounts over 90 days.
• C)A parking service estimates bad debts to be 10% of the value of parking violations issued. In the current year, it changes to estimating the allowance for bad debts to be equal to 20% of accounts 30 to 90 days and 50% of accounts over 90 days.
• D)A shipbuilder changes its revenue recognition policy from the point of receipt by the customer to when the ship leaves the factory shipyard. This change results from a change in shipping policy from f.o.b. destination to f.o.b. shipping point. (Recall from introductory accounting that f.o.b. means "free on board," and it refers to the point at which ownership transfers from seller to buyer.)
• E)An electronics retailer has never accrued for warranties or product guarantees. A new consumer protection law comes into effect, giving buyers of electronic products a guarantee against defects for 180 days after purchase and the ability to return defective products to the retailer.
• F)A clothing company that has been operating for 20 years decides to obtain an external audit for the first time in order to meet the bank's demands. The audit firm recommends that management report inventories at the lower of cost and net realizable value, whereas the company has previously only tracked and reported inventory figures at cost.

Recognize the effect of nervous system stimulation on muscle contraction and the concept of motor unit recruitment.

Comprehend the implications of certain diseases or conditions on muscular function.

Understand the role of acetylcholine and acetylcholinesterase in neuromuscular junction dynamics.

Describe adaptations in skeletal muscle in response to different physical conditions or demands.

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Definitions:

Malpractice

Professional misconduct or failure to meet the standard of care by a professional, resulting in harm or injury to a client or patient.

Informed Consent

A process ensuring that an individual understands and agrees to participate in a procedure or activity, recognizing all potential risks and outcomes.

Educational Approach

A method or strategy used in teaching and learning to facilitate knowledge acquisition and skill development.

Intake Session

An initial meeting, often in therapy or counseling settings, aimed at assessing a client's needs and establishing a plan of action.