The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods? In the present, prior (by adjusting retained earnings) and future periods affected. In the present and future periods affected. In the present and prior reporting periods (by adjusting retained earnings). Not recognised in any period.

The estimate is based upon the opinion of one person that can vary in upcoming periods.

Answered: The effect of a revision of an…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.23E: The Effect of Ignoring Adjusting Entries on Net Income For each of the following independent...

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The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods?

		In the present, prior (by adjusting retained earnings) and future periods affected.
		In the present and future periods affected.
		In the present and prior reporting periods (by adjusting retained earnings).
		Not recognised in any period.

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