Which of the Following Statements Is Not True Regarding the Correction

question 137

Multiple Choice

Which of the following statements is not true regarding the correction of an error?

• A) The correction is reported prospectively and previous financial statements are not revised.
• B) A journal entry is needed to correct any account balances that are incorrect as a result of the error.
• C) Prior years' financial statements are restated to reflect the correction of the error (if the error affected those statements).
• D) A disclosure note should describe the nature of the error and the impact of its correction on net income, income from continuing operations, and earnings per share.

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Definitions:

Antigen-Presenting Cell

A type of immune cell that displays antigens on its surface, presenting them to T cells, thus initiating an immune response.

Helper T Cell

A type of T cell that plays a crucial role in the immune system by activating and directing other immune cells.

MHC Class II

Major Histocompatibility Complex Class II, a class of molecules found on the surface of immune cells that present antigens to helper T cells, playing a crucial role in the immune response.

MHC Class I

A group of proteins found on the cell surface that present peptide fragments to the immune system, critical for the immune response to infected or dysfunctional cells.