Difference between revisions of "Prior period adjustment"

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(Created page with "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. ==De...")
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
  
==Related coursework==
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==Related lectures==
 
*[[Corporate Accounting]].  
 
*[[Corporate Accounting]].  
  
[[Category: Accounting]][[Category: Articles]]
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[[Category: American Accounting]][[Category: Articles]]

Revision as of 15:14, 5 January 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