A Material Prior Period Error in Year Ending 2009 Was

question 9

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) re-issue 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.
• E) make a prospective adjustment in 2010.

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Definitions:

Occupational Differences

Variations in job types, responsibilities, and compensation across different professions or industries.

Muriel Niederle

An economist known for her research in experimental economics and market design.

Lise Vesterlund

An economist known for her research in the fields of public economics and experimental economics, focusing particularly on charitable giving and gender differences in competition.

College Degree

A formal certification by an educational institution recognizing the completion of a prescribed course of study in a particular field or discipline.