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AICPA CPA-Financial Exam - Topic 2 Question 41 Discussion

Which of the following should be reported as a prior period adjustment?
B) Option B
A) Option A
C) Option C
D) Option D

AICPA CPA-Financial Exam - Topic 2 Question 41 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 41
Topic #: 2
[All CPA-Financial Questions]

Which of the following should be reported as a prior period adjustment?

Show Suggested Answer Hide Answer
Suggested Answer: B

Choice 'b' is correct. No - Yes

Change in estimated lives of depreciable assets is a 'change in estimate.' They affect only current and future periods (not 'prior periods,' not retained earnings).

Change from unaccepted principle to accepted principle is an example of an error of a prior period that should be reported as a 'prior period adjustment.'


by Marge at May 07, 2022, 10:06 PM

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German
8 months ago
I disagree, I feel like Option D could be it too.
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Wilda
9 months ago
Totally agree with Option B!
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Earlean
9 months ago
Wait, are we sure about Option C? Seems off.
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Tamie
9 months ago
I think Option A is the right choice.
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Eva
9 months ago
Option B is definitely a prior period adjustment.
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Minna
9 months ago
The activation code and IAM role for the IoT devices seems important. I'll make sure I understand how to properly set that up to integrate the Greengrass devices with Systems Manager.
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Annmarie
9 months ago
This is a tricky one. There are a few different metrics they could be looking at, like return on engagement or customer loyalty. I'll need to re-read the question and think about which one best fits the context they've provided.
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Laila
10 months ago
I'm a bit unsure here. Is it the SPDV profile, Server SSL, Client SSL, or Rewrite profile? I'll need to review my notes on virtual server configuration and SSL/TLS settings.
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