An Example of a Correction of an Error in Previously

question 20

Multiple Choice

An example of a correction of an error in previously issued financial statements is a change

• A) from the FIFO method of inventory valuation to the LIFO method.
• B) in the service life of plant assets, based on changes in the economic environment.
• C) from the cash basis of accounting to the accrual basis of accounting.
• D) in the tax assessment related to a prior period.

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Definitions:

Successful Stepfamilies

Blended families that navigate their complex relationships effectively, fostering a healthy and positive environment.

Sadness and Depression

Emotional states where sadness is a temporary feeling of unhappiness, while depression is a more serious, prolonged mental health disorder affecting mood and well-being.

Stepchildren

Children of a person's spouse from a previous relationship; not biologically related but part of the family through marriage.

Stepmothers

Women who are married to one's parent after a divorce or death of the previous spouse, and who may have stepchildren from the marriage.