A prior period adjustment should be reported as an adjustment to the retained earnings balance at the beginning of the period in which the adjustment was made
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Which of the following activities would not occur when an inventory manager decides to return merchandise to a vendor?
a. the accounts payable department is notified b. a credit memorandum is issued to the vendor c. the warehouse is instructed to release the merchandise to the shipping department d. a debit memorandum is prepared
Which cultural imperative becomes most salient in a time of war and acts of terrorism?
a. peace imperative b. economic imperative c. technological imperative d. ethical imperative
A good internal control system includes:
a. open work environments. b. rigid rules. c. segregation of duties. d. following strict hiring procedures.
Bond issue costs
a. must be expensed when incurred. b. must be amortized over the life of the bonds. c. are recorded in an asset account and not amortized. d. appear on the balance sheet as a liability.