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.

---

Definitions:

Aristotle

An Ancient Greek philosopher and polymath, a student of Plato and teacher of Alexander the Great, known for his contributions to logic, metaphysics, ethics, and natural sciences.

Drama

A genre of narrative fiction (or semi-fiction) intended to be more serious than humorous in tone, focusing on in-depth development of realistic characters and emotional themes.

Aesthetic Emotion

Emotional responses or feelings elicited by experiencing beauty or what is perceived as artistic in the visual arts, music, literature, and nature.

Artwork

Creations crafted by artists, which may include paintings, sculptures, literature, music, and other expressions of human creative skill and imagination.