Prior Period Adjustments to Financial Statements Can Result From

question 144

Multiple Choice

Prior period adjustments to financial statements can result from:

• A) Unacceptable accounting practices.
• B) Changes in accounting estimates.
• C) Discontinued operations.
• D) Extraordinary items.
• E) Changes in tax law.

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Definitions:

Petty Cash

Petty cash is a small amount of cash on hand used for covering minor and unplanned expenses in an organization.

Postage Stamps

Small pieces of paper issued by postal authorities that, when attached to mail, indicate the prepaid postage for its delivery.

Pass Key Access

A security mechanism that allows entry or access to a restricted area through the use of a physical or digital key.

Fingerprint Scans

A biometric method used to identify an individual's fingerprints for security purposes.