Ask Question
BusinessBusiness
11 September, 05:50

Changes in accounting estimates are: Multiple Choice Extraordinary items. Accounted for with a cumulative "catch-up" adjustment. Considered accounting errors. Reported as prior period adjustments. Accounted for in current and future periods.

+5
Answers (1)
  1. 11 September, 06:30
    0
    The answer is D. Accounted for in current and future periods.

    Explanation:

    A change in accounting estimate is an adjustment of the carrying value of an asset or liability arising from reassessing the expected future economic benefits and obligations associated with that asset or liability.

    Changes in accounting estimates must be shown in the accounting period in which the estimates are revised and periods after i. e accounted for prospectively. Example is a change in useful life and salvage value of a fixed asset
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Changes in accounting estimates are: Multiple Choice Extraordinary items. Accounted for with a cumulative "catch-up" adjustment. Considered ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Andre receives 50 shares of stock with a fair market value of $200,000 plus $50,000 cash in exchange for his contribution of machinery, land and inventory valued at $40,000, $150,000 and $60,000, respectively.
Answers (2)
Artur, who has a disability, is an employee of banquet & event facilities & services, inc. after the installation of new doors on the entrance to banquet's hall, artur finds it nearly impossible to enter and exit.
Answers (2)
Builtrite's upper management has been comparing their books to industry standards and came up with the following question: Why is our gross profit margin lower than the industry standard and our operating profit margin higher than the industry
Answers (1)
A registered representative wishes to put on a sales seminar. During the seminar, the RR intends to give out handouts related to a few investments and printouts of slides that will be part of the presentation.
Answers (1)
A sporting equipment store expects to purchase $7,600 of ski boots in October. The store had $3,600 of ski boots in merchandise inventory at the beginning of October, and expects to have $2,600 of ski boots in merchandise inventory at the end of
Answers (1)
New Questions in Business
Explain how globalization influence management
Answers (1)
The following information relating to a company's overhead costs is available. Col1 = Actual total variable overhead, Actual total fixed overhead, Budgeted variable overhead rate per machine hour, Budgeted total fixed overhead, Budgeted machine
Answers (1)
A homemaker enters the work force, taking a job that will pay $40,000 over the year. the homemaker must pay $16,000 over the year for professional child care services. how much does gdp change?
Answers (1)
The law of supply states that as the price of a good rises, the quantity supplied of that good disappears. decreases. remains the same. increases.
Answers (1)
A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.
Answers (1)
Home » Business » Changes in accounting estimates are: Multiple Choice Extraordinary items. Accounted for with a cumulative "catch-up" adjustment. Considered accounting errors. Reported as prior period adjustments. Accounted for in current and future periods.
Sign Up Forgot Password?