Lowkeycaleb
22.07.2020 •
Business
Kailua Corporation pays $1,000 cash for a previously accrued expense and accrues $250 for a new expense. What is the effect of these two recordings on Total Liabilities and Net Income, respectively: Select one:
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Ответ:
D are adjusted to what they would have been had the new method been used in previous years.
Explanation: Retrospective approach means that you are applying the change in principle to the financial results of previous periods, as if the new principle had always been in use. All presented financial statements are adjusted to reflect the change to the new accounting principle.