What is a prior period adjustment, and how is it reported in the financial statements?
Question:
What is a prior period adjustment, and how is it reported in the financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Prior period adjustment Prior period adjustments are nothing but an additions or changes to incomes ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
How are different bond issues reported in the financial statements of a corporation?
-
A prior period adjustment relates to the income of past accounting periods. Explain how such an item is shown in the financial statements.
-
What is a prior period adjustment, and where would it be presented in the nancial statements?
-
Factor by grouping. x 2 + 3x - 3y - xy
-
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 100,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply:...
-
A company is attempting to determine if the content of chemical X in their product is below a certain threshold. Specifically, H 0 30 mg H 1 < 30 mg A random sample was taken from which they did...
-
What roles might more recent analysis activities, such as data mining, predictive statistical analyses, and operational experiments, play in increasing organizational effectiveness?
-
Gunkelson Company sells equipment on September 30, 2014, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for...
-
As an engineering challenge, a group of high schoolers are trying to create an apparatus to safely catch a dropped egg. A USDA-rated large chicken egg with a mass of 57 grams is to be dropped from...
-
Bonds 1. Municipal Bonds - Municipal bonds are haircut per Exhibit 1 based on both their time to maturity and scheduled maturity at date of issue. 2. Corporate Bonds - Corporate bonds are haircut...
-
Contrast the effects of a cash dividend and a stock dividend on a corporations balance sheet. Discuss.
-
What is the purpose of a retained earnings restriction? Identify the possible causes of retained earnings restrictions.
-
Andrea Stone made an investment of $10,271.38. From this investment, she will receive $1,200 annually for the next 15 years starting one year from now. What rate of interest will Andrea's investment...
-
Why should a choice of law and dispute settlement clauses always be included in an international sales contract? Please explain it in detail.
-
What is the difference between hearing and active listening. How can a person show they are actively listening? Obviously communication is essential in customer service. Please describe three types...
-
Does punishment deter delinquency or simply provoke escalation of delinquency as a retaliatory response? Explain
-
Can an importer reject goods that are not satisfactory, even though the goods have been paid for before receipt? Please explain your opinion in detail.
-
National statistics have been released that indicate states with the highest mortality rate due to skin cancer. How might the public health officials in those cities respond to that data if they want...
-
Figure P \(5=37\) displays the response of a circuit to a square wave signal. The response is a periodic sequence of exponential waveforms. Each exponential has a time constant of \(1.6...
-
Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model. Andria Mullins, financial manager of Webster Electronics, has been...
-
Graph each inequality. x > 2y 3
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following. (a) What is the definition of a trading security? (b) What...
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following. (a) What is the definition of a trading security? (b) What...
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following. (a) What is the definition of a trading security? (b) What...
-
Start Access. Open the downloaded Access file named Exp19_Access_Ch03_ML1_Small_Business_Loans.accdb . Grader has automatically added your last name to the beginning of the filename. Note this file...
-
Commercial law in Canada list the questions should ask for this case: EMPLOYMENT Holm V. Agat Laboratories Ltd Bailey Gakhal, Brandon Longstreet, Colton Yaremko, Levi Johnson, & Nyah Foote October...
-
What are the underlying molecular processes that govern the remarkable adaptability of prokaryotes to extreme environments, such as those characterized by high temperatures, acidity, or salinity?
Study smarter with the SolutionInn App