If Errors Occur in the Recording Process, They

question 2

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:

Control Limits

The boundaries in control charts that signal when a process is out of control and corrective action may be needed.

Sample Range

The difference between the highest and lowest values in a set of sample data, used as a measure of variability.

Sample Size

is the number of observations or data points collected in a study or used in a statistical sample.

Control Limits

These are the boundaries in a control chart, beyond which a process is considered to be out of control indicating an issue that needs investigation.