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A Prior Period Adjustment Can Arise from an Error Found

question 37

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A prior period adjustment can arise from an error found that occurred in a prior period, a change is accounting entity, or a change in accounting principle.

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Definitions:

Joining Union

The act of an employee becoming a member of a labor union to gain collective bargaining power and workplace protections.

Negotiate

The process of discussing something with someone in order to reach a mutual agreement.

Contract

A legally binding agreement between two or more parties, outlining terms and conditions of a specific arrangement or service.

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