When a Self-Correcting Error Is Discovered After Closing the Books

question 79

Multiple Choice

When a self-correcting error is discovered after closing the books for the second year ________.

• A) no entry is necessary because all permanent accounts are correctly stated
• B) an entry is necessary to correct the permanent accounts
• C) an entry must be made to correct both the income statement and balance sheet accounts
• D) an entry must be made to correct the income statement

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Definitions:

Radial Symmetry

A form of symmetry found in some organisms, where body parts or structures radiate from a central point, allowing for multiple planes of symmetry.

Mantle

The layer of the earth between the crust and the outer core, involved in tectonic movements and volcanic activity.

Spiny Skin

Characteristic of echinoderms, a group of marine invertebrates including sea stars and sea urchins, featuring a unique external skeleton covered in hard plates and spines.

Bilateral Symmetry

A body plan in which an organism can be divided into two identical halves along a single plane, typical of most animals, including humans.