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Which pair are not chair flips of each other?
Retrospective Adjustment
An accounting practice where prior period financial statements are adjusted to reflect changes in accounting policies or correction of errors as if the new policy had always been applied.
Financial Statements
Reports that provide an overview of a company's financial condition, performance, and cash flows.
Cumulative Effect
The total change in financial statement results over a period of time due to an accounting principle change or correction of an error.
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