Prior Period Adjustments to Financial Statements Can Result From

question 46

Multiple Choice

Prior period adjustments to financial statements can result from:

• A)Changes in estimates.
• B)Using unacceptable accounting principles.
• C)Discontinued operations.
• D)Changes in tax law.
• E)Extraordinary items.

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Definitions:

Revolving Door

A term describing the movement of personnel between roles as legislators and regulators and the industries affected by the legislation and regulation, often highlighting potential conflicts of interest.

Rolodex Syndrome

The phenomenon of using one's network of contacts superficially, similar to flipping through a Rolodex, without fostering deep or meaningful relationships.

Horse Race Journalism

A style of news reporting that focuses more on political polls and the differences between candidates, often at the expense of deeper policy coverage.

Newspapers

Printed or digital publications consisting of sheets of newsprint, providing news, information, analysis, and opinion on current affairs, politics, economy, and culture.