A Prior Period Adjustment Should Be Reported as an Adjustment

question 137

True/False

A prior period adjustment should be reported as an adjustment to the retained earnings balance at the beginning of the period in which the adjustment was made.

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Definitions:

Accessible Attitude

An attitude that can be easily and quickly brought to mind from memory.

Retrieve From Memory

The process of recalling or bringing into conscious thought previously stored information or experiences from one's memory.

Accessibility Of Attitudes

The ease with which an attitude can be retrieved from memory, influencing how quickly and consistently it is expressed.