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.
Transaction During the audit of the 2021 fiscal year, the auditors learned that Soorya Mining Inc. should have had used an average price of $850/0z. for its fiscal 2021 reporting, not $840/0z. During the audit of the 2021 fiscal year, the auditors learned that Everlast Construction used the cost recovery method to account for its long-term contracts as it could not reasonable estimate the outcome of its performance obligations. Everlast has since improved its estimating capabilities and has adopted the percentage of completion method. During the audit of the 2021 fiscal year, the auditors learned that Everlast Construction previously used the completed contract method. During the year Everlast adopted the percentage of completion method. Appropriate accounting
Employment Interviews
Formal conversations between a job applicant and an employer to assess the applicant’s suitability for a position.
Work Samples
Examples of previous work used to demonstrate an individual's skills, quality of work, and experience to potential employers.
Halo Effect
The tendency to let an overall impression of a person, brand, or product positively influence one's thoughts and feelings about their specific traits.
Underweight Information
Information that is given less significance or consideration than is warranted by its importance or relevance.