Which of the Following Statements Concerning a Change in Accounting

Multiple Choice

Which of the following statements concerning a change in accounting policy is true?

A) If a change in accounting policy is adopted retroactively, the company needs to restate closing retained earnings.
B) If a change in accounting policy is adopted retroactively, the company needs to restate opening retained earnings.
C) If a change in accounting policy is adopted prospectively, the company needs to restate closing retained earnings.
D) If a change in accounting policy is adopted prospectively, the company needs to restate opening retained earnings.