Question: When a material error is discovered in prior financial statements: Multiple Choice prior financial statements are restated to their correct amounts. assets and liabilities in

When a material error is discovered in prior financial statements:

Multiple Choice

prior financial statements are restated to their correct amounts.

assets and liabilities in the current period are restated to their appropriate levels.

prior income effects are adjusted to the current periods beginning balance of retained earnings.

all of these answer choices are correct.

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