The effect of a change in tax rates: 1. Results in a prior period adjustment 2.

Question

The effect of a change in tax rates: 1. Results in a prior period adjustment 2. Is allocated between discontinued operations and continuingoperations 3. Is reportred separately after extraordinary items 4. is reflected in income from continuing operation The effect of a change in tax rates: 1. Results in a prior period adjustment 2. Is allocated between discontinued operations and continuingoperations 3. Is reportred separately after extraordinary items 4. is reflected in income from continuing operation

Explanation / Answer

The effect of change in Tax: 4. Is reflected in Income from continuing operation. A company reports the effect as an adjustment to Income Expense inthe period of change.

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