Which of the following should be reported as a prior period adjustment? Change in Accounting Principle = Yes; Error Correction = No Change in Accounting Principle = No; Change in Accounting Principle = Yes; Change in Accounting Principle = No; Error Correction = Yes Error Correction = Yes Error Correction = No

How do you make adjustments for a non-counter balancing error and does it affect the present financial statements?

Which of the following is not a characteristic of non-counterbalancing error? Group of answer choices a.If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected. b.The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. c.If not detected, this is not automatically corrected in the next accounting period. d.The income statement of the period in which the non-counterbalancing error is committed is misstated.

Prior-period adjustments can arise from a change in accounting principle. a change in accounting entity. a correction of an error made in a prior period. all of these choices.