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:

S.S. Oxford

Depending on context, could refer to a specific ship or vessel named Oxford; without additional context, a specific definition cannot be provided.

Personally Liable

Holding personal responsibility to settle a debt or legal judgment, affecting one's own assets and finances.

Reverts

Returns to a previous state or condition, often after a temporary change.

Real Property

Land and anything permanently attached to it.