Changes in Accounting Principles Generally Are Reported as

question 6

Multiple Choice

Changes in accounting principles generally are reported as

• A) adjustments to prior period statements.
• B) extraordinary items.
• C) adjustments to current period statements only.
• D) adjustments to current and/or prior period statements.

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Definitions:

Payroll Period

The interval of time for which an employee's wages are calculated, such as weekly, bi-weekly, or monthly.

Salaries Payable

An account that represents the amounts owed but not yet paid to employees for services rendered.

Payroll Register

A comprehensive record detailing the amounts paid to employees for services rendered during a specific period.

Net Pay

The actual amount of money an employee takes home after deductions such as taxes and retirement contributions are subtracted from the gross income.