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Error Corrections Which Involve Restatement of Prior Period Income Must

Question 228

Multiple Choice

Error corrections which involve restatement of prior period income must be reported


A) in a separate account within the equity section of the balance sheet.
B) within "unrestricted retained earnings" on the balance sheet, with footnote disclosure to describe the appropriation.
C) as a prior period adjustment on the statement of changes in retained earnings.
D) only within the footnotes accompanying the financial statements.

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