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5 Cards in this Set

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  • Back
What are the three type of Accounting Changes?
1.Changes in accounting principle
2.Change in accounting estimate
3.Change in reporting entity
Give an example of a change in accounting principle?
FIFI to LiFO
Give an example of a change in accounting estimate?
change in the estimate of the useful life of an depreciable asset
Give an example in a change in a reporting entity?
changing subsidiaries.
What other category causes accounting changes?
Errors in Financial Statements, not classified as an accounting change.