Unusual Items Affecting the Prior Period's Income Statement Consist of Errors

question 76

True/False

Unusual items affecting the prior period's income statement consist of errors and changes in accounting principles.

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Definitions:

Conditional Endorsement

An endorsement on a negotiable instrument that limits its payment to certain conditions being met.

Endorsement

An amendment or addition to an existing document or contract, or the act of publically or officially supporting a product or idea.

Order Instrument

A financial document payable to a specific individual or entity identified in the document, requiring endorsement by the payee for cashing or deposit.

Payable

Describes an amount of money that is owed and should be paid to a person or organization.