Prospective adjustment means:
A) Changes must be made in accounting for an item from the time of the change going forward.
B) Changes must be made in accounting for an item from the time the original accounting entry was made.
C) Presenting other comparative amounts disclosed for each prior period as if the new accounting policy had always been applied.
D) Adjustments to accounting for an item should be retroactively applied to the beginning of the accounting period.

Question

Quizplus · Accepted Answer

Prospective adjustment refers to making changes in accounting for an item from the time of the change going forward, without altering past financial statements.

Prospective Adjustment Means