Prior period adjustments are reported
A) in the notes of the current year's financial statements.
B) on the current year's balance sheet.
C) on the current year's income statement.
D) on the current year's statement of retained earnings.

Question

Quizplus · Accepted Answer

Prior period adjustments are reported on the current year's statement of retained earnings as they affect the beginning balance of retained earnings.

Prior Period Adjustments Are Reported