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Solution Guide / Answer Key:
ACCOUNTING
State how each of the following items isreflectedin the financialstatements.
1.Change from FIFO to LIFO method forinventory valuationpurposes.
2.Charge for failure to record depreciation in a previous period.
3.Litigation won in current year, related to prior period.
4.Change in the realizability of certainreceivables.
5.Writeoff of receivables.
6.Change from the percentage-of-completion to the completed-contract method forreporting netincome.
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