If a material accounting error was made in a prior year, that error:
A. Should be reflected on the current year's income statement.
B. Should be reflected, net of taxes, on the retained earnings statement.
C. Should be reflected as a change in accounting principle.
D. Should be considered as an extraordinary item, and shown, net of taxes, on the income statement.
B
Business
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When a customer gives cash for a shirt at a retail store and takes the shirt from the store after paying, revenue is recognized at that point in time because the performance obligation by the store has been satisfied.
a. true b. false
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When is parol evidence admitted in court?
What will be an ideal response?
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