ACC 423 Week 5 DQs

Discussion Questions

Why do accountants make errors? What types of errors may occur? Why is it necessary to correct them? What are the ramifications of not correcting errors?

What are some examples of counterbalancing errors? What are some examples of no counterbalancing errors? What are the differences between counterbalancing and no counterbalancing errors? How are each handled? Does it matter if the books are closed? Why or why not?

Read one of the articles from the selected readings (or you may choose a current article relevant to this week's topic). How does the article relate to this weeks topics? What are your thoughts? (Don't forget to identify the article you read.)

What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively? How do these changes affect the financial statements? What experience do you have with change in accounting principle in your organization or an organization you are familiar with?