Answer: Prior period adjustment resulting from the correction of an error.
Explanation:
The Cash basis method is not acceptable under both IFRS and U.S. GAAP accounting principles and these are the principles followed by the majority of the world so Lore Co. was using the cash basis in violation of both conventions which means that their accounting records before the change are considered wrong and full of errors.
In changing to the acceptable principles, they are correcting that error and need to adjust prior periods for that error as well.
Scenario 2 would be correct
Answer:
The beginning of the extraction activities is 14.7 million.
Explanation:
Please find the detailed answer as follows:
Present Value of Cash Flows Expected From the Project/Asset Retirement Obligation at the Beginning = (.60*10 + .40*30)*PVIF(7%,3 Years) = (.60*10 + .40*30)*.81630 = 14.7 million
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<span>If you enter an intersection where you want to urn, but you are not in the proper lane, the first thing you should do is to change the lane. But t is very important always to signal before you change lanes. This is important because other users on the highway must know your intentions. While changing the lane you should r</span><span><span>educe the speed and pay attention</span><span> to traffic on all sides</span></span>
U.S. citizens, permanent residents and eligible nonimmigrant workers in the United States have nine-digit Social Security numbers (SSNs) used to report wages to the government, track Social Security benefits and for other identification purposes. The SSN was created in 1936 for the sole purpose of tracking the earnings histories of U.S. workers,
The following activity might require you to provide your social security number:
Starting a new job. Correct answer: A
