Changes in accounting estimates are:
A. Statement of cash flow items.
B. Considered accounting errors.
C. Accounted for with a cumulative "catch-up" adjustment.
D. Reported as prior period adjustments.
E. Accounted for in current and future periods.
Answer: E
You might also like to view...
BoTeck is a full-service technology company. It provides equipment, installation services, and training services. For a recent major group sale, the transaction price had a variable component contingent upon a threshold being reached. Revenue allocated to equipment and installation services was recognized in fiscal year 2015; revenue allocated to training services is being recognized over the
next two years through the end of 2017. Now, in February 2016, the contingent outcome previously expected has proven to be false and the transaction price has changed such that additional revenue should be recognized for these performance obligations. What is the proper accounting for this change in transaction price for equipment and installation services? A) prior period adjustment to increase 2015 revenue for the full amount of change B) increase 2016 and 2017 revenue by allocating adjustment equally to each year for the proportional amount of change C) increase 2016 revenue by allocating adjustment to January and February equally to each month for the proportional amount of change D) increase 2016 revenue by adjusting February for the full amount of change
Describe four common marketing communication objectives
What will be an ideal response?
Which of the following is the best example of augmented reality?
A. the ability of large retail chains to anticipate people's shopping needs B. an app that allows shoppers to virtually place furniture in their home to see how it looks C. an online banking system D. a self-driving car that parallel parks on its own E. the use of digital personal assistants like Apple's Siri to find the nearest gas station
Generally speaking, succession planning is relatively easy in family-owned firms compared to other types of organizations.
Answer the following statement true (T) or false (F)