A Material Prior Period Error in Year Ending 2009 Was

question 50

Multiple Choice

A material prior period error in year ending 2009 was subsequently discovered in 2010.To comply with AASB 108 Accounting Policies,Changes in Accounting Estimates and Errors an entity should:

• A) reissue the 2009 financial statements with the error corrected.
• B) make a retrospective adjustment in 2009.
• C) make a retrospective adjustment in 2010.
• D) make a prospective adjustment in 2009.

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Definitions:

Smooth Muscle

Muscle tissue that forms organs like the stomach and bladder, characterized by its lack of striations and its ability to contract involuntarily.

Skeletal Muscle

A type of striated muscle tissue, attached to bones, that is responsible for voluntary movements of the body.

Cardiac Muscle

A specialized form of muscle found only in the heart, characterized by its ability to contract autonomously and rhythmically.

Skeletal Muscle Fibers

Long, cylindrical cells that make up skeletal muscles, responsible for voluntary movements.