SOLVED:Change in accounting principle and when to determine if a change in principle should be reported as retroactively, currently, or prospectively.

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ACC 423 Week 5 Complete Work(Assignments And Dqs) – A Graded  ACC 423 Week 5 Individual Assignment Assignments From the Text   ACC 423 Week 5 Learning Team Assignment Assignments From the Text   Week 5 Summary This final week has been quite an overload of information and assignments! I did not think I could possibly get it all done, but here I am posting my final weekly summary for this class. This week I learned information on the change in accounting principle and when to determine if a change in principle should be reported as retroactively, currently, or prospectively. I also learned about counterbalancing and no counterbalancing errors. Counterbalancing are errors that will be corrected over the course of two accounting periods while no counterbalancing errors are corrected but will take longer than two accounting periods to correct. I am so glad that I am walking away from this class with more knowledge in the accounting aspect than I did when I started. This class really helped wrap up the last two classes. I must say though, I am truly looking forward to my next and final class though!   Week 5 DQ1 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? Week 5 DQ2 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?   Week 5 DQ3 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 week’s topics?  What are your thoughts?  (Don’t forget to identify the article you read.)   Week 5 DQ4 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?