Generally accepted methods of accounting for a change in accounting principle include
A) restating prior years' financial statements presented for comparative purposes.
B) including the cumulative effect of the change in current period net income.
C) prospective changes.
D) making a prior period adjustment.
A
You might also like to view...
Failure to adjust for accrued wages at year end will result in an
a. overstatement of liabilities. b. understatement of assets. c. understatement of stockholders' equity. d. overstatement of net income.
On a work sheet, the adjusted balances of revenues and expenses are sorted to the Income Statement columns of the work sheet.
Answer the following statement true (T) or false (F)
Major advantages of e-commerce to sellers include each of the following except
A) charging less for items. B) lower supply chain costs. C) reacting quickly to customer's needs. D) competing with larger companies.
The correct equation to determine your estate's net worth is: value of your estate - level of estate's liabilities
Indicate whether this statement is true or false.