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Prior period adjustments
State the primary category of prior period adjustments and indicate how they are reported in the financial statements?
Is the answer to this question prepaid expenses, accrued revenues and accrued expenses. Also prepayments will decrease a balance sheet account and increase an income statement account. So then adjusting entries for accuals/revenues will increase both balance sheet and income statmen accounts |
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State the primary category of prior period adjustments and indicate how they are reported in the financial statements? Is the answer to this question prepaid expenses, accureed revenues and accrued expenses.
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