Disclosure of a Retrospective Adjustment Should Include

question 30

Multiple Choice

Disclosure of a retrospective adjustment should include

• A)why the new principle is preferable
• B)the net impact on assets of the retrospective adjustment
• C)the retrospective computation of earnings per share only for the current period
• D)ending balance in Retained Earnings before and after the retrospective adjustment

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Definitions:

Favor

An act of kindness beyond what is due or usual.

Affect

A psychological term referring to the underlying experience of feeling, emotion, or mood.

ABC Model

A cognitive-behavioral framework that describes the relationship between events, beliefs, and consequences, emphasizing how beliefs about an event affect emotional and behavioral responses.

Emotional Component

A part of attitudes and feelings that encompasses the emotional reactions one has towards an object, person, or situation.