Prior Period Adjustments to Financial Statements Can Result From

question 77

Multiple Choice

Prior period adjustments to financial statements can result from:

• A)Changes in accounting estimates.
• B)Unacceptable accounting practices.
• C)Discontinued operations.
• D)Changes in tax law.
• E)Extraordinary items.

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Definitions:

Festinger and Carlsmith

Researchers known for their 1959 cognitive dissonance experiment which demonstrated how individuals seek consistency among their cognitions.

Counterattitudinal Behaviour

Actions that contradict one's own beliefs or attitudes, often used in experiments to explore cognitive dissonance.

Vignette

A short impressionistic scene that focuses on one moment or character and gives a trenchant impression about that character, an idea, setting, or object.

Classical Conditioning

A learning framework in which the recurrent association of two stimuli results in a response that, while initially evoked by the second stimulus, is subsequently evoked by the first stimulus alone.