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Question(s) / Instruction(s):

A firms bad-debt expense is an example of an accounting estimate. When an accounting estimate is found to be in error, what actions are the firm required to do under GAAP ?

a. retroactive restatement of prior results

b. make a new estimate and continue onward

c. write-off the difference

d. continue with prior estimate

e. hide it from the auditor


 

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