If Errors Occur in the Recording Process They

question 64

Multiple Choice

If errors occur in the recording process they

• A) should be corrected as adjustments at the end of the period.
• B) should be corrected as soon as they are discovered.
• C) should be corrected when preparing closing entries.
• D) cannot be corrected until the next accounting period.

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Definitions:

February

The second month of the year in the Julian and Gregorian calendars, usually having 28 days and 29 days in leap years.

Invest

Engaging financial resources with the forecast of producing returns or profitability.

Missing Value

A data point that is lacking or not available in a set of information or dataset.

Calculate

To determine the amount or number of something mathematically.