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Generally Accepted Accounting Principles (GAAP) MCQs

Which of the following would be an accounting change which would require a restatement of the previous financial reports?

Change in how many stock options were issued to a director, made effective retrospectively from the previous year

Paying arrears to a laid off employee

The firing of an employee which has been planned for two months in advance

Change in the management's salary going forward, but discussed last year

Answer

Correct Answer: Change in how many stock options were issued to a director, made effective retrospectively from the previous year

Explanation:

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