A change in accounting principle requires that the cumulative effect of the change for prior periods be shown as an adjustment to:
a. beginning retained earnings of the earliest period presented.
b. net income of the period in which the change occurred.
c. comprehensive income for the earliest period presented.
d. stockholders' equity of the period in which the change occurred.
Ans: a. beginning retained earnings of the earliest period presented.
Business
You might also like to view...
One of the threats associated with the process and activity of receiving and storing goods is
A) errors in counting. B) kickbacks. C) requests for unnecessary items. D) errors in vendor invoices.
Business
Discuss the characteristics that are typical of an Asian American market?
What will be an ideal response?
Business