When a material inventory error is discovered in a period subsequent to when the error...
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Accounting
When a material inventory error is discovered in a period subsequent to when the error was made, which of the following must occur? (Select all that apply.)
Multiple select question.
The effect on market stock price is disclosed in a note.
A correction of retained earnings is reported as a prior period adjustment.
Incorrect balances are corrected.
Previous year's financial statements are retrospectively restated
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