1. What is a change in accounting principle? How do youdetermine if a change in principle should be reportedretroactively currently or prospectively? How do these changesaffect the financial statements?2. What are some examples of counterbalancing errors? What are someexamples of noncounterbalancing errors? What are the differencesbetween counterbalancing and noncounterbalancing errors? How iseach handled? Does it matter if the books are closed? Explain whyor why not.
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