Asked by
hannah leaphart
on Oct 28, 2024
Verified
Which will never result in an adjustment of a prior period's financial statements?
A) a material error
B) a change in accounting principle
C) a change in the estimated life of a depreciable asset
D) the realization of income tax benefits of preacquisition operating loss carryforward of a purchased subsidiary
Adjustment
A change made to the book value of an asset or liability to accurately reflect its value.
Subsidiary
A company that is completely or partly owned and partly or wholly controlled by another company.
- Understand the principles and implications of changes in accounting principles and estimates.
Verified Answer
RT
Learning Objectives
- Understand the principles and implications of changes in accounting principles and estimates.
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