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.

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Definitions:

Bank Liability

The legal responsibilities and obligations a bank has towards its customers, such as ensuring the security of deposits and providing accurate account information.

Unauthorized Signatures

Signatures made without the express permission or authority of the person whose signature is required or expected.

Customer Signatures

Signatures of customers, typically collected for verification purposes, authorization, or agreement to terms and conditions.

Recredited Account

Refers to a financial account that has had funds added back, usually following a return or correction of a previous transaction error.