TCO E) The four types of accounting changes, including error correction, are change in accounting pr

TCO E) The four types of accounting changes, including error correction, are

change in accounting principle;

change in accounting estimate;

change in reporting entity; and

error correction

Required:
The following are a series of situations Indicate the type of change
1 Changing the companies included in combined financial statements
2 Change in both estimate and acceptable accounting principles
3 Change from presenting nonconsolidated to consolidated financial statements
4 Change from FIFO to LIFO inventory procedures
5 Change in amortization period for an intangible asset
6 Change due to failure to recognize an accrued (uncollected) revenue
7 Change due to charging a new asset directly to an expense account
8 Change due to understatement of inventory
9 Change from straight-line to sum-of-the-years’-digits method of depreciation
10 Change in residual value of a depreciable plant asset
11 Change in the loss rate on warranty costs
12 Change in life of a depreciable plant asset
13 Change due to failure to recognize and accrue income
14 Change in expected recovery of an account receivable
15 Change from expensing to capitalizing certain costs, due to a change in periods benefited (Points : 15)

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