A Correction in Income of a Prior Period Involves Either

question 40

True/False

A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.

---

Definitions:

Deliberate System

Refers to the cognitive process that is slow, rational, and involves conscious decision-making, contrasting with automatic, quick responses of the brain's intuitive system.

Deliberate Mind

Thinking that is conscious, intentional, and reasoned, as opposed to automatic and instinctive.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Gratification

Gratification is the pleasure or satisfaction obtained from achieving something desired or fulfilling a need.