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the retained earnings for the end of a year should be calculated as the retained earnings at the end of the previous year minus earnings retained for the year. TRUE OR FALSE?

the retained earnings for the end of a year should be calculated as the retained earnings at the end of the previous year minus earnings retained for the year. TRUE OR FALSE?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 2MC: When a change in accounting principle is made during the year, the cumulative effect on retained...
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the retained earnings for the end of a year should be calculated as the retained earnings at the end of the previous year minus earnings retained for the year.

TRUE OR FALSE?

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