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3 - Select Transacti

CPA - FAR 3 - Select Transactions

QuestionAnswer
Change in accounting principle (from correct to correct) is applied: Retroactively (prior periods adjusted) (ex. LIFO to FIFO)
Change in accounting principle affects which account?
Beginning balance of retained earnings
Change in entity is applied: Retroactively (prior periods adjusted) & included in the footnotes
Change in accounting estimate (from correct to correct) is applied: Prospectively (going forward adjustment) (ex. Straight Line to DDB depreciation)
When an error correction is necessary, which periods will show the adjustment? Prior periods with beginning balance of earliest period adjusted (incl. in footnotes) (ex. Non-GAAP to GAAP)
What are the two forms that businesses need to file with the SEC and when are they due? Form 10K (Annual & Audited) & Form 10Q (Quarterly & Reviewed)
When determining an asset's fair value, what is assumed? Asset is sold in its most advantageous market. Buyer & seller are knowledgeable, not related, able to transact, & motivated.
Created by: katieaymin
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