If It Is Found That an Error Had Been Made

question 27

Multiple Choice

If it is found that an error had been made in a prior period:

• A) The error should be rectified by including the item of income or expense in the period in which the error was discovered.
• B) AASB 101 does not cover this concept and so no entry is required.
• C) AASB 108 requires that errors are corrected via an adjustment to opening balance of retained earnings.
• D) Material errors discovered in the current reporting period must be included in that period's statement of comprehensive income, while non-material errors may be corrected with an adjustment to opening retained earnings.

---

Definitions:

Triplet

A term relating to a quantum state where an atom or molecule has two unpaired electrons that have parallel spins, significant in spectroscopy and quantum mechanics.

NMR

Nuclear Magnetic Resonance, a spectroscopic technique used to observe local magnetic fields around atomic nuclei, providing detailed information about the structure, dynamics, and chemical environment of molecules.

Singlet

A term used in quantum mechanics and spectroscopy to describe a state in which all electrons in an atom or molecule are spin-paired, showing no magnetic field external to the system.

Doublet

In spectroscopy, a pattern indicating two closely linked energy levels or particles, often seen in NMR or EPR spectroscopy.