Modern Accounting Software Makes It Relatively Easy to Correct a Transaction

question 6

Multiple Choice

Modern accounting software makes it relatively easy to correct a transaction error. Minor errors discovered after the annual financial report is prepared are not corrected. Why not?

• A) Bookkeepers do not know how to fix the errors.
• B) Retracting an annual report is not appropriate for minor errors.
• C) Current year budgets would have to be changed.
• D) Accounting errors should be corrected only after a forensic audit.

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Definitions:

Binary Fission

A form of asexual reproduction seen in prokaryotic organisms and some single-cell eukaryotes where a cell divides into two genetically identical cells.

Commensalism

A type of symbiosis in which one organism benefits and the other one is neither harmed nor helped. Compare with mutualism and parasitism.

Lactic-Acid Bacteria

A group of gram-positive bacteria that produce lactic acid as their major metabolic end product during the fermentation of carbohydrates.

Sauerkraut

Fermented cabbage, a traditional dish of many countries, known for its sour taste and health benefits related to gut health.