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1. Which of the following statements is true re: an error in estimate? a) An adjustment is made to beginning retained earnings for the gross

1. Which of the following statements is true re: an error in estimate?

a) An adjustment is made to beginning retained earnings for the gross amount of the error. b) An adjustment is made to beginning retained earnings for the amount of the error, net of tax. c) A prospective adjustment is made. d) No adjustment of any kind is made.

2. Which of the following statements is true re: an error of omission?

a) An adjustment is made to beginning retained earnings for the gross amount of the error. b) An adjustment is made to beginning retained earnings for the amount of the error, net of tax. c) Retained earnings is not adjusted. d) A prospective adjustment is made.

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