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Basic Question 9 of 13
Which of the following items would not be included in net income or loss for a period?
B. Prior period adjustments
C. Discontinued operations
A. Cumulative effect of accounting changes
B. Prior period adjustments
C. Discontinued operations
User Contributed Comments 3
| User | Comment |
|---|---|
| oneashok | can anyone please explain about prior period adjustments? |
| oneashok | Got it! Prior period adjustments are usualy accounted in a later period... right? |
| johntan1979 | Nope. They are already accounted for and not adjusted for again in the current year's statement. |
I am using your study notes and I know of at least 5 other friends of mine who used it and passed the exam last Dec. Keep up your great work!
Barnes
Learning Outcome Statements
describe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, unusual or infrequent items) and changes in accounting policies
CFA® 2024 Level I Curriculum, Volume 2, Module 2.