When an accounting change is reported under the retrospective approach, account balances in the general ledger: Multiple Choice A. Are not adjusted.
B. Are closed out and then updated.
C. Are adjusted net of the tax effect.
D. Are adjusted to what they would have been had the new method been used in previous years.
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Home » Business » When an accounting change is reported under the retrospective approach, account balances in the general ledger: Multiple Choice A. Are not adjusted. B. Are closed out and then updated. C. Are adjusted net of the tax effect. D.