Correcting Entries Are Made Any Time an Error Is Discovered

question 125

True/False

Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

---

Definitions:

Donor Retains Power

In charitable giving, when the donor ensures some level of continued influence or control over the use or investment of the donated assets.

Not-For-Profit Accounting

Not-For-Profit Accounting encompasses the principles and practices used by nonprofit organizations to record and report their financial activities, focusing on accountability and fund management rather than profitability.

Acquisition

The process of obtaining control of another company by purchasing its shares or assets.

Significant Influence

The power to participate in financial and operating policy decisions of an investment, without having full control or outright ownership.