Why are prior-period adjustments entered directly into Retained Earnings instead of being reflected on the income statement?

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Financial Accounting

ISBN: 9780324066708

8th Edition

Authors: W. Steven Albrecht, James D. Stice, Earl Kay Stice, K. Fred Skousen, Albrecht S.E.

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Question Posted: Jun 28, 2024 01:05 AM

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Why are prior-period adjustments entered directly into Retained Earnings instead of being reflected on the income statement?

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Financial Accounting

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