Explain How Each of the Following Items Should Be Reported

question 159

Essay

Explain how each of the following items should be reported by a corporation:
(1)The accounting department discovered that an entry was made last year to Insurance Expense instead of to Prepaid Insurance.The after-tax effect of the charge to Insurance Expense was $5,000.
(2)The accounting department determined the depreciable lives of equipment will be five years instead of the original estimate of seven years.

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Definitions:

Downtown

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Women's Rights

The freedoms and entitlements claimed for women and girls worldwide, often formed as a campaign for improvements in status.

Gloria Steinem

An American feminist, journalist, and social political activist who became nationally recognized as a leader of, and media spokeswoman for, the feminist movement in the late 1960s and early 1970s.

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