ACCT 303 Wk 8 Accounting Policies Paper & Share Based Compensation
In this discussion, please reflect on the previous weeks’ topics. Choose a topic you found to be difficult or hard to understand. Research this topic and present your findings. Include a summary of the topic, why you found the topic to be difficult, and what you learned after conducting the research. TOPIC: Share-Based Compensation.
Week 8 Paper (Final Assessment)
Ray Solutions decided to make the following changes in its accounting policies on January 1, 2016:
Changed from the cash to the accrual basis of accounting for recognizing revenue on its service contracts.
Adopted straight-line depreciation for all future equipment purchases, but continued to use accelerated depreciation for all equipment acquired before 2016.
Changed from the LIFO inventory method to the FIFO inventory method.
For each accounting change Ray undertook, indicate the type of change and how Ray should report the change. Be specific.