Which of the Following Is Not Reported as an Accounting

question 25

Multiple Choice

Which of the following is not reported as an accounting error (prior period adjustment) ?

• A) Change in the method of inventory pricing form FIFO to average-cost.
• B) Mathematical mistakes.
• C) Mistakes in the application of accounting principles.
• D) Oversight or misuse of facts that existed at the time financial statements were prepared.

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Definitions:

Globalization

Increased economic, political, and social interconnectedness and interdependence among societies in the world.

Per Capita GNI

A measure of a country's economic output that accounts for its number of people; it divides the gross national income by the population size.

Cash Economy

An economic system where transactions are conducted with the direct exchange of physical currency, as opposed to digital or credit transactions.

Modernization Theory

A theory that suggests societies progress through a series of stages of economic development, from traditional to modern.