An Item That Should Be Reported as a Prior Period

question 74

Multiple Choice

An item that should be reported as a prior period adjustment is the:

• A)Correction of an error in depreciation from last year.
• B)Payment of taxes due to a tax audit of last year's tax return.
• C)Collection of a previously written off bad debt.
• D)Receipt of the proceeds of a note receivable that was due last year.

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