A Retrospective Restatement Is a Correction Made To

question 2

Multiple Choice

A retrospective restatement is a correction made to:

• A) Retained earnings of the beginning of the period
• B) Retained earnings at the end of the period
• C) Profit of the current year
• D) Only to last years' financial statements

---

Definitions:

Logistical Function

The aspect of supply chain management that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information.

Transactional Function

Activities involved in transferring ownership or physical possession of goods from one party to another.

Facilitating Function

Activities that help in the smooth transaction of goods and services from producers to consumers, such as transportation and storage.

Product Assortments

The range or variety of product lines and individual products that a company offers for sale to its target market.