If a material error is discovered in an accounting period subsequent to the period in which the error is made: Multiple Choice No prior years’ financial statements are restated, but prior effects are corrected in the current balance of retained earnings. No prior years’ financial statements are restated, but corrections are made in future years. Any previous years’ financial statements are retrospectively restated to reflect the correction. No adjustments are made.

Each month, business today publishes a news piece about an innovative product, service, or business. such soft news is generally written by a freelance business writer and is known as a

Allie and sarah decided that they want to purchase renters insurance for the apartment they share. they made a list of all of the items to be covered by the insurance policy, along with their estimated values. if the items to be covered total more than $3000, the insurance company charges an annual premium of 23% of the total value of the items. if the items to be covered total $3000 or less, the insurance company charges an annual premium of 20% of the total value of the items.

Suppose the number of equipment sales and service contracts that a store sold during the last six (6) months for treadmills and exercise bikes was as follows: treadmill exercise bike total sold 185 123 service contracts 67 55 the store can only sell a service contract on a new piece of equipment. of the 185 treadmills sold, 67 included a service contract and 118 did not.