Which of the Following Is Not Reported as an Accounting

question 25

Multiple Choice

Which of the following is not reported as an accounting error (prior period adjustment) ?

• A) Change in the method of inventory pricing form FIFO to average-cost.
• B) Mathematical mistakes.
• C) Mistakes in the application of accounting principles.
• D) Oversight or misuse of facts that existed at the time financial statements were prepared.

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Definitions:

Priorities

The determination of the order for dealing with tasks, items, or concepts according to their relative importance.

First Impressions

The initial perception or judgment formed about someone or something upon the first encounter.

Expectations

Entails beliefs or prospects about future events, often based on past experiences or societal norms.

Early Experiences

Fundamental events or exposures in the initial stages of life that significantly influence an individual's development and personality.