Indicate the Nature of Each of the Situations Described Below

question 84

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 the equity method for investments to the cost method.
____ Change in the residual value of machinery.

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Definitions:

Libertarians

Libertarians advocate for minimal government intervention in personal and economic matters, emphasizing individual liberty and free-market principles.

Republicans

Members of the Republican Party, one of the two major political parties in the United States, typically supporting conservative policies.

Democrats

Members or supporters of the Democratic Party in the United States, a political party known for its liberal policies on social issues, government intervention in the economy, and support for civil rights.

Insurgent Candidate

A term for a candidate who runs for office representing a challenge to the established political order within their party or the overall political system.