The occurrence that most likely would have no effect on 2015 net income is the
A)sale in 2015 of an office building contributed by a stockholder in 1966.
B)collection in 2015 of a dividend from an investment.
C)correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
D)stock purchased in 2001 deemed worthless in 2015.

Question

Quizplus · Accepted Answer

The correction of an error in the financial statements of a prior period is typically treated as a prior period adjustment and does not affect the current year's net income.

The Occurrence That Most Likely Would Have No Effect on 2015