Difference between revisions of "Prior period adjustment"

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[[Prior period adjustment]] is correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of [[retained earnings]].
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[[Prior period adjustment]] is correction made in the current year of a mistake made in previous years. The adjustment is updated on the [[statement of retained earnings]].
  
  
 
==Definitions==
 
==Definitions==
 
According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
:[[Prior period adjustment]]. Correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of [[retained earnings]].
+
:[[Prior period adjustment]]. Correction made in the current year of a mistake made in previous years. The adjustment is updated on the [[statement of retained earnings]].
  
 
==Related concepts==
 
==Related concepts==

Latest revision as of 03:30, 9 November 2019

Prior period adjustment is correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of retained earnings.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Prior period adjustment. Correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of retained earnings.

Related concepts

Related lectures