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Generally Accepted Accounting Principles (GAAP) MCQs

Under which of the following situations would prior financial reports not have to be restated?

The change is due to a policy change and in writing.

The change materially affects what EPS would have been last year.

The change has no impact on previous accounting or financial reports.

The change is due to an error in the interpretation of accounting GAAP law.

Answer

Correct Answer: The change has no impact on previous accounting or financial reports.

Explanation:

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