An Example of an Item That Should Be Reported as a Prior

question 11

Multiple Choice

An example of an item that should be reported as a prior period adjustment is the

• A) collection of previously written off accounts receivable.
• B) payment of taxes resulting from examination of prior years' income tax returns.
• C) correction of an error in financial statements of a prior year.
• D) receipt of insurance proceeds for damage to a building sustained in a prior year.

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Definitions:

Ideal Self

A person's conception of how they would like to be, representing aspirations and goals for personal achievement and improvement.

Discrepancy

A difference or inconsistency between two or more facts, amounts, or opinions.

Differentiated Self

A sense of self as including many fluctuating attributes.

Possible Self

The aspect of self-concept that involves individuals’ ideas of what they might become, what they would like to become, and what they fear becoming.