A prior period adjustment results from the correction of an error in the financial statements of a prior period discovered subsequent to their issuance.

Name: A prior period adjustment results from the correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A prior period adjustment corrects errors in previously issued financial statements to ensure that the current and future financial statements are accurate and comparable.

A Prior Period Adjustment Results from the Correction of an Error