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. Accountants very often are required to make estimates, and very often those estimates prove incorrect. In what period(s) is the effect of a change
. Accountants very often are required to make estimates, and very often those estimates prove incorrect. In what period(s) is the effect of a change in an accounting estimate reported? The correction of a material error discovered in a year subsequent to the year the error was made is considered a prior period adjustment. Briefly describe the accounting treatment for prior period adjustments. Define earnings per share (EPS). For which income statement items do you think EPS must be disclosed? Why
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