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If a material accounting error was made in a prior year, that error: Multiple Choice Should be reflected on the current year's income statement.

If a material accounting error was made in a prior year, that error:


Multiple Choice

  • Should be reflected on the current year's income statement.
  • Should be reflected, net of taxes, on the retained earnings statement.
  • Should be reflected as a change in accounting principle.
  • Should be considered as a non-recurring item, and shown, net of taxes, on the income statement

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