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1. A prior period adjustment should be reported as an adjustment to the retained earnings balance at the beginning of the period in which the
1. A prior period adjustment should be reported as an adjustment to the retained earnings balance at the beginning of the period in which the adjustment was made.
True or False
2. A clean audit opinion is not the same as an unmodified opinion.
True or False
3. Analyzing a company's performance should take into account conditions peculiar to the industry and the general economic conditions.
True or False
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