A Company Accounts for the Correction of a Material Error

question 60

Multiple Choice

A company accounts for the correction of a material error of a past period that it discovers in the current period as

• A) a retrospective accounting change.
• B) an adjustment to the current period.
• C) a prospective adjustment.
• D) a prior period restatement.

---

Definitions:

Scaffolding

An educational technique that involves providing structure, support, or guidance to learners to help them achieve a higher level of understanding or skill.

Temporary Support

Short-term assistance offered to individuals or systems during periods of change or stress, aiming at stabilization.

Task

An activity or assignment that needs to be completed, often as part of a larger project or goal.

Ecological Approach

A perspective or method in various disciplines that emphasizes the importance of understanding organisms, including humans, in relation to their environment.