Acct 557 week 5 quiz

ACCT 557 Intermediate Accounting III

(DeVry – Winter 2016)


Date Taken: ………../2016

Question Type:          # Of Questions:               

Multiple Choice                      5                          


Question 1.Question : (TCO E) Which of the following is not a retrospective-type accounting


Question 2.Question : (TCO E) What type of accounting change/correction should always be

accounted for in the current and future accounting periods?

Question 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

Question 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

Question 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



Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Always use Grammarly Premium.
Customer 462795, April 3rd, 2022
All instructions followed!
Customer 463337, February 28th, 2023
excellent work
Customer 456821, November 1st, 2022
Business and administrative studies
Customer 459947, April 6th, 2022
Thank you!
Customer 463875, April 29th, 2023
Business and administrative studies
Commendable. Review credentials alignment in APA cover page. Student paper
Customer 453187, March 31st, 2022
Entertainment & Gaming
Good work.
Customer 452441, April 4th, 2022
English 101
Good work.
Customer 453625, May 25th, 2022
Good job. Adequate introduction and thesis, has cited evidence & satisafies the question in context.
Customer 463019, June 8th, 2022
Good work!
Customer 463469, October 29th, 2022
ASCI 491: Operational Applications in Aeronautics
Excellent progression.
Customer 457731, April 21st, 2022
Excellent work
Customer 456821, February 26th, 2022
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat