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AICPA CPA-Financial Exam - Topic 2 Question 75 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 75
Topic #: 2
[All CPA-Financial Questions]

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

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Suggested Answer: B

Choice 'b' is correct. Change in the computation of warranty costs from 3% of sales to 1% of sales is a change in accounting estimate.


by Rozella at Oct 04, 2023, 08:02 PM

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Carma
5 months ago
I thought B was the one that needed adjustment.
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Harrison
5 months ago
Totally agree with A, it fits the criteria perfectly!
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Edelmira
5 months ago
Wait, are we sure about that? Seems off to me.
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Royce
5 months ago
I think Option C is the right choice, though.
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Terrilyn
6 months ago
Option A is definitely a prior period adjustment.
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Catarina
6 months ago
I studied that prior period adjustments should be reported net of tax, but I can't remember if that applies to all options here.
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Martina
6 months ago
I feel like Option B might be the right choice, but I can't recall the specific criteria for prior period adjustments.
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Rima
6 months ago
I remember practicing a question similar to this, and I think it was about correcting an accounting error from a previous year.
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Lai
6 months ago
I think a prior period adjustment relates to errors in financial statements, but I'm not sure which option fits that definition.
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Cruz
6 months ago
Based on my understanding, a prior period adjustment is used to correct an error from a previous accounting period. I think Option C is the best answer, but I'll double-check the details.
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Pamella
6 months ago
Hmm, the image is a bit confusing. I'll need to carefully review the options and think through the definition of a prior period adjustment to determine the correct answer.
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Rosalyn
6 months ago
This question seems straightforward, but I want to make sure I understand the criteria for a prior period adjustment before selecting an answer.
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Carmen
6 months ago
I've got a good handle on prior period adjustments, so I'm confident I can identify the right answer here. Let me review the options and select the one that meets the criteria.
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Kelvin
6 months ago
This looks like a pretty straightforward Ansible role creation task. I think I can handle this.
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Buck
6 months ago
Hmm, I'm a little unsure about the NAT translation details here. I'll need to double-check the requirements.
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Rueben
6 months ago
Okay, let me think this through. Impact is related to risk assessment, so I'm guessing it's probably defined in NIST SP 800-30. I'll mark that one and move on.
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Clarinda
11 months ago
Hmm, let's see... I'm going to have to go with Option E: 'All of the above, and also the kitchen sink.' Because why not, right? Accounting is basically just a fancy form of juggling, if you ask me.
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Julieta
11 months ago
User 3: I'm not sure, but I think it might be Option C.
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Casie
11 months ago
User 2: I agree, Option A seems to be the most appropriate choice.
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Dannie
11 months ago
User 1: I think the correct answer is Option A.
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Felice
12 months ago
Seriously, who comes up with these questions? I feel like I'm back in my high school math class. Anyway, I'm going to have to go with Option C. It's the only one that doesn't sound like a complete disaster.
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Aimee
10 months ago
User4: Option C does seem like the safest bet.
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Melissa
10 months ago
User3: I'm leaning towards Option B, it seems like the most logical.
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Ivory
10 months ago
User2: I think Option A might be the correct choice.
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Alaine
10 months ago
User1: I agree, these questions are a bit tricky.
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Emogene
12 months ago
Ah, the joys of financial reporting. Let's see here... I'm thinking Option A. It just has that 'prior period' vibe, you know? Although, Option D could be a wild card. Maybe I'll just close my eyes and point.
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Denae
12 months ago
Ugh, another accounting question. Can't they just give us something fun, like 'which type of calculator is the most aesthetically pleasing?' Anyway, I'm going with Option B. It's the only one that doesn't sound like a total mess.
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Zona
12 months ago
Hmm, this one's tricky. I'm going to have to go with Option D - it just seems the most logical choice, you know? Although, Option C is tempting, I do love a good mystery!
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Virgina
11 months ago
User 2: I agree, Option D seems like the most logical option.
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Noelia
11 months ago
User 1: I think Option D is the correct choice.
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Alonso
1 year ago
Why do you think it's Option C?
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Layla
1 year ago
I disagree, I believe it should be Option C.
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Alonso
1 year ago
I think the answer is Option A.
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