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Which of the following should be reported as a prior period adjustment?
Suggested Answer: B
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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.
33 comments · newest first
CA
Carma
11 months ago
I thought B was the one that needed adjustment.
HA
Harrison
11 months ago
Totally agree with A, it fits the criteria perfectly!
ED
Edelmira
11 months ago
Wait, are we sure about that? Seems off to me.
RO
Royce
11 months ago
I think Option C is the right choice, though.
TE
Terrilyn
12 months ago
Option A is definitely a prior period adjustment.
CA
Catarina
12 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.
MA
Martina
12 months ago
I feel like Option B might be the right choice, but I can't recall the specific criteria for prior period adjustments.
RI
Rima
1 year ago
I remember practicing a question similar to this, and I think it was about correcting an accounting error from a previous year.
LA
Lai
1 year ago
I think a prior period adjustment relates to errors in financial statements, but I'm not sure which option fits that definition.
CR
Cruz
1 year 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.
PA
Pamella
1 year 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.
RO
Rosalyn
1 year ago
This question seems straightforward, but I want to make sure I understand the criteria for a prior period adjustment before selecting an answer.
CA
Carmen
1 year 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.
KE
Kelvin
1 year ago
This looks like a pretty straightforward Ansible role creation task. I think I can handle this.
BU
Buck
1 year ago
Hmm, I'm a little unsure about the NAT translation details here. I'll need to double-check the requirements.
RU
Rueben
1 year 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.
CL
Clarinda
1 year 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.
JU
Julieta
1 year ago
User 3: I'm not sure, but I think it might be Option C.
CA
Casie
1 year ago
User 2: I agree, Option A seems to be the most appropriate choice.
DA
Dannie
1 year ago
User 1: I think the correct answer is Option A.
FE
Felice
1 year 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.
AI
Aimee
1 year ago
User4: Option C does seem like the safest bet.
ME
Melissa
1 year ago
User3: I'm leaning towards Option B, it seems like the most logical.
IV
Ivory
1 year ago
User2: I think Option A might be the correct choice.
AL
Alaine
1 year ago
User1: I agree, these questions are a bit tricky.
EM
Emogene
1 year 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.
DE
Denae
1 year 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.
ZO
Zona
1 year 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!
VI
Virgina
1 year ago
User 2: I agree, Option D seems like the most logical option.
NO
Noelia
1 year ago
User 1: I think Option D is the correct choice.
AL
Alonso
2 years ago
Why do you think it's Option C?
LA
Layla
2 years ago
I disagree, I believe it should be Option C.
AL
Alonso
2 years ago
I think the answer is Option A.