ABC Co. change from cash basis of accounting to the accrual basis of accounting during 2021. The cumulative effect of this change should be reported in ABC's2021 financial statements as a O Prior period adjustment resulting from the correction of an error O Component of income after extraordinary item O Prior period adjustment resulting from the change in accounting principle O Component of income before extraordinary item

ABC Co. change from cash basis of accounting to the accrual basis of accounting during 2021. The cumulative effect of this change should be reported in ABC's2021 financial statements as a O Prior period adjustment resulting from the correction of an error O Component of income after extraordinary item O Prior period adjustment resulting from the change in accounting principle O Component of income before extraordinary item

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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