USGAAP and IFRS Require Firms to Account for Correction of Errors

question 190

Multiple Choice

U.S.GAAP and IFRS require firms to account for correction of errors, if material, by

• A)restating net income of prior periods and adjusting the beginning balance in Retained Earnings for the current period.
• B)restating net income of prior periods and adjusting the ending balance in Retained Earnings for the current period.
• C)restating net income of the current period and adjusting the beginning balance in Retained Earnings for the current period.
• D)restating net income of the current period and adjusting the ending balance in Retained Earnings for the current period.
• E)restating net income of the current period, only.

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Definitions:

Active Listening

The process of fully concentrating, understanding, responding, and remembering what is being said in a conversation.

Positive Group Roles

Tasks or functions performed by individuals that contribute to the overall success and productivity of the group.

Bad Listening Habits

Ineffective or detrimental practices that hinder effective communication, such as interrupting, multitasking, or making assumptions.

Stroking

in communication, refers to acts or words aimed at affirming another's identity, making them feel acknowledged or valued.