A retrospective restatement appears in the financial statements of the current year when:
A) An error was made in computing the profit of the current period.
B) An error was made in measuring the profit of a previous year or years.
C) An extraordinary loss in a prior year was included among normal results of operations in the prior year.
D) Earnings per share figures from prior years are restated to reflect the increased number of shares outstanding due to a share split or a stock dividend.
Correct Answer:
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