If a company makes a prior period adjustment, which of the following describes how it must be reported?
A) The adjustment is recorded in retained earnings, and previous years' financial statements presented for comparative purposes are not changed.
B) The adjustment is recorded in retained earnings, and previous years' financial statements presented for comparative purposes are adjusted.
C) The adjustment is reported in the current period's income statement as a separate item.
D) The adjustment is recorded as a deferred asset or deferred liability and amortized using the straight-line method.
B
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Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities?
A. Customer privacy policies and practices B. Product safety C. Research practices D. Pricing practices E. Consumer safety information
According to Rule F, all of the following would be acceptable as a substitute for the Contract to Buy and Sell Real Estate EXCEPT
a. a contract drafted by the brokerage firm's attorney for general use by all brokers in the firm b. a new home sales contract with builder warranties c. a contract drafted by the seller's attorney d. a contract drafted by the buyer's attorney