1) Should a company be allowed to continuously change accounting principles every year….for example FIFO in 2020, LIFO in 2021, Weighted average in 2022 and FIFO in 2023?
2) What is a correction of error and how should it be reported in the financial statements?
3) How does a correction of an error treated?
4) Can you name a company that disposed of a component of the business and describe how the disposal was treated in its income statement?
5) :What is meant by tax allocation within a period and what is the justification for this?
6) Company A decided to close two small pulp mills . These two closings do not represent a major shift in strategy for the company. Would these two closings be reported in a separate section titled “Discontinued Operations after income from continuing operations? Please discuss .Also if the closings are not reported as discontinued operations , where should the gain or loss be reflected on the income statement.
