A change in accounting policy requires what kind of adjustment to the financial statements? A. Current period adjustment B. Prospective adjustment C. Retrospective adjustment D. Current and prospective adjustment

A change in accounting policy requires what kind of adjustment to the financial statements? A. Current period adjustment B. Prospective adjustment C. Retrospective adjustment D. Current and prospective adjustment

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 18MC: Corrections of errors that occurred on a previous periods financial statements are called ________....

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Question

A change in accounting policy requires what kind of adjustment to the
financial statements?

A. Current period adjustment
B. Prospective adjustment
C. Retrospective adjustment
D. Current and prospective adjustment

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