Which of the Following Is Not a Source of a Prior-Period

question 65

Multiple Choice

Which of the following is not a source of a prior-period adjustment?

• A)a mathematical mistake
• B)the incorrect use of existing facts
• C)misuse of a generally accepted accounting principle
• D)a change from using one GAAP estimate to another GAAP estimate

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Definitions:

Visible Aspects

The elements or characteristics of something that are observable or can be seen directly.

Rites

Ceremonial acts or practices that are performed with particular rituals and are significant within a culture or organization.

Oral Aspects

The components of communication that involve spoken language and verbal interaction.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think, feel, and behave within an organization.