4. Among the actions below, which is incorrect for the correction of a prior-period accounting error?...

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4. Among the actions below, which is incorrect for the correction of a prior-period accounting error? A. The correction is reported prospectively and previous financial statements are not revised. B. A journal entry is needed to correct any account balances that are incorrect as a result of the error. C. Prior years' financial statements are restated to reflect the correction of the error (if the error affected those statements). D. A disclosure note should describe the nature of the error and the impact of its correction on net income, income from continuing operations, and earnings per share. 4. Among the actions below, which is incorrect for the correction of a prior-period accounting error? A. The correction is reported prospectively and previous financial statements are not revised. B. A journal entry is needed to correct any account balances that are incorrect as a result of the error. C. Prior years' financial statements are restated to reflect the correction of the error (if the error affected those statements). D. A disclosure note should describe the nature of the error and the impact of its correction on net income, income from continuing operations, and earnings per share.