FAR 1 Flashcards
1
Q
Do we adjust net income for quarter Q3 Y1, if we included a $16k cumulative effect loss resulting from a change in inventory valuation method was recognized on Aug 2 Y1?
A
NO, DO NOT INCLUDE IN NET INC OF Q3. We must restated the begining of the Y1 Retained Earnings.
2
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A
3
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A
4
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A
5
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A
6
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7
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8
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9
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10
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10
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10
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10
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11
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11
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A
