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c. $ 50,000 will be held as restricted retained earnings and paid out at some future date. d. preferred stockholders will receive $ 25,000 and the common stockholders will receive $ 25,000. 18. When a change in accounting principle occurs a. prior years ' financial statements should not be changed to reflect the newly adopted principle. b. the new principle should be used in reporting the results of operations of the current year. c. the cumulative effect of the change in principle should be reflected on the income statement as of the beginning of the next year. d. the cumulative effect of the change in accounting principle should be classified as an extraordinary item on the income statement. 19. Which of the following is not an irregular item on the income statement? a. Discontinued operations b. Extraordinary items c. Other revenues and expenses 20. Vertical analysis is a technique that expresses each item in a financial statement a. in dollars and cents. b. as a percent of the item in the previous year. c. as a percent of a base amount. d. starting with the highest value down to the lowest value. ===============================================
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ACC 400 Week 1 DQs ACC 400 Week 1 Individual Assignment Versus Managerial Accounting
Financial Accounting