Which of the Following Is Not an Error That Would

question 92

Multiple Choice

Which of the following is not an error that would require a company to record a prior period adjustment? Assume all are material.

• A) A mathematical mistake is made in the calculation of bad debt expense.
• B) Facts of a bond retirement transaction are misconstrued.
• C) Accounting principles are misapplied in the valuation of inventory.
• D) A correction is made to the estimated useful life of a building.

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Definitions:

Political Impact

The influence or effect that political actions, decisions, or events have on the governance, policy, or societal conditions of a community, region, or country.

Slavery

is a system in which people are owned by others, deprived of personal freedom and compelled to perform labor or services.

Abraham Lincoln

The 16th President of the United States, known for leading the country during the Civil War and issuing the Emancipation Proclamation.

Union War Effort

Refers to the collective military, economic, and political efforts undertaken by the Northern states of the U.S. during the Civil War to defeat the Confederacy.