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What kind of adjustment to the financial statements

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Reference no: EM132696702

Problem 1: 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

Problem 2: How should the effect of a change in accounting estimate be accounted for?

a. By restating amounts reported in financial statements of prior periods

b. By reporting pro forma amounts for prior periods

c. As a prior period error

d. In the period of change and future periods if the change affects both

Reference no: EM132696702

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