Which Statement Is Correct About a Correction of an Error

question 25

Multiple Choice

Which statement is correct about a correction of an error from prior periods?

• A)The correct information was available at the time the error was made.
• B)The correct information was not available at the time the error was made.
• C)One should use hindsight to judge whether there is an accounting error that requires correction.
• D)An example of a correction of an error is the difference between the allowance for doubtful accounts and the actual outcome of bad debts.

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Definitions:

Dissociation

A mental process of disconnecting from one’s thoughts, feelings, memories, or sense of identity often in response to traumatic events.

Parallel Processing

The ability of the brain to simultaneously process incoming stimuli of differing quality, a fundamental mechanism underlying sensory perception and cognition.

Hallucinations

Perceptions in a conscious and awake state in the absence of external stimuli which have qualities of real perception, often in visual or auditory forms.

Selective Attention

The cognitive process of focusing on a particular object or task while ignoring other irrelevant information.