Question
U.S. generally accepted accounting principles dictate that error corrections (if material) must be handled by prior period adjustment. This means that the financial statements of
U.S. generally accepted accounting principles dictate that error corrections (if material) must be handled by prior period adjustment. This means that the financial statements of prior periods must be subjected to a restatement to make them correct. In essence, the financial statements of prior periods are redone to reflect the correct amounts.
TRUE/FALSE
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
15th edition
978-0133125634, 9780133423815, 133125637, 133423816, 978-0133125689
