When an accounting change is reported under the retroactive, Ask an Expert

Accounting

When an accounting change is reported under the retroactive approach, account balances in the general ledger:

1) Are not adjusted.

2) Are closed out and then updated.

3) Are adjusted net of the tax effect.

4) Are adjusted to what they would have been had the new method been used in previous years.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797256

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