Which of the following should not be reported retrospectively?
A) Change from a good faith but erroneous estimate to a new estimate
B) Use of an unacceptable accounting principle, then changing to an acceptable accounting principle
C) Use of an unrealistic accounting estimate, then changing to a realistic estimate
D) Correction of an overstatement of ending inventory two years ago
Correct Answer:
Verified
Q63: GXC Inc.committed the following errors during 20x1,
Q64: The September 30, 20x1, physical inventory of
Q65: If a change in an accounting estimate
Q66: WZ acquired some machinery on January 2,
Q67: Which of the following would cause income
Q69: At the beginning of the current year,
Q70: Which of the following changes would be
Q71: The ending inventory of XZW was overstated
Q72: Which of the following changes would be
Q73: Which type of accounting change should always
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents