Question
The correction of a material error that occurred in a previous period must be accounted for by: a) a prospective adjustment to the financial statements
The correction of a material error that occurred in a previous period must be accounted for by:
| a) | a prospective adjustment to the financial statements | |
| b) | a retrospective restatement in the first financial statements issued after the discovery of the error | |
| c) | ignoring it; errors made in prior periods cant be corrected | |
| d) | an adjustment in future accounting periods |
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641
