Download Guided ACCT 557 Week 5 Quiz


Download Guided ACCT 557 Week 5 Quiz


  1. Question (TCO E) Which of the following is not a retrospective-type accounting change?
  2. Question (TCO E) What type of accounting change/correction should always be accounted for in the current and future accounting periods?
  3. Question (TCO E) On December 31, 2013, Gifts Galore, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in a $1,800,000 increase in the beginning inventory at January 1, 2013. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is
  4. Question (TCO E) As of January 1, 2011, Survival Industries, Inc. purchased a boat at a cost of $490,000.
    When purchased, the company was using the double declining depreciation method. Key info on the asset at time of purchase is the following. Estimated useful life is 7 years. Residual Value is $0. At the beginning of 2014, the CFO decided to change to straight-line depreciation method. Compute the depreciation expense for 2014
  5. Question (TCO E) Mystical Corporation found the following errors in their year-end financial statements.
    As of Dec. 2012 As of
    Dec. 2013
    Ending Inventory $32,000
    understated $46,000 overstated
    Depreciation Exp. $7,000 understated
    On December 31, 2013, a fully depreciated machine was sold for $35,000 but the sale was not recorded until January 15, 2014 when the cash was received. In 2012, a three-year insurance premium was prepaid for $45,000 of which the entire amount was expensed in the first year. There were no other errors or corrections. Ignore any tax considerations. What is the total net effect of errors on Mystical’s 2013 Retained

Need Guide to Quiz?


If you’re seeking out immediate examination assist to lessen stress, your take-a-look at answers is only a click away. Professional mentoring can Assignment facilitates you in grasping your weakest problem and acquiring unheard-of results. We have problem-matter, on-line take a look at helpers at who recognize all of the important additives to help you get the maximum ideal scores. We pay interest when you ask us for stay examination assistance. All you want is to lease our online exam help. Our online examination tutors will create a query paper-primarily based totally on your route material. You will acquire each answer you request for. For custom, help email us at [email protected] or WhatsApp us at +1(657)366-7486

Scott Belmont from NYC, USA
Hired a tutor to take programming class and final exam
40 minutes ago
Ebony Nicole from Bronx, USA
Hired a tutor to take history and algebra final exams
2 hours ago
Randy Wells from Texas, USA
Hired an expert to take chemistry proctored exam
1 hour ago
Kurt LeBlanc from Iowa, USA
Hired an expert to take statistics online exam
1 hour ago