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  3. prior period adjustments: a) always increase the b

Prior period adjustments: A) always increase the beginning balancc of retained earnings. B) arc shown...

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Accounting

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Prior period adjustments: A) always increase the beginning balancc of retained earnings. B) arc shown on the statement of retained earnings as corrections to the beginning balance. C) affect balancc sheet accounts only, and must be included on single-step income statements. D) must be included as a separate line item on a multi-step income statement. 28) Which of the following statements is true of a corporation? A) The liabilities of the corporation can be paid by the personal assets of the shareholders. B) Shares of stock cannot be readily bought and sold by investors on the open rrvaiVcl. C) Shareholders are authorized to sign contracts or make business commitments on beha of tive corporation

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