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Items reported as error corrections Multiple Choice Do not include the effect of...

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Accounting

Items reported as error corrections

Multiple Choice

  • Do not include the effect of a mistake in the application of accounting principles because this is accounted for as a change in accounting principle.

  • Do not affect the presentation of prior-period comparative financial statements.

  • Do not require further disclosure in the body of the financial statements.

  • Are reflected as adjustments of the opening balance of the retained earnings of the earliest period presented.

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