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7) Henry says that a prior period adjustment to retained earnings is the correction of an error. Lynn says Henry is 100% correct on this.

7) Henry says that a prior period adjustment to retained earnings is the correction of an error. Lynn says Henry is 100% correct on this. Oliver says Henry is only partly correct but cannot explain why. So he knows there's something wrong with what Henry said, but cannot put his finger on what that is.

  • Who's right here? And if it's Oliver, explain exactly why.

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