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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
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 17Q: Sometimes financial statements contain errors. What type of liabilities may need correction as a...
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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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