Which of the Following Is True Regarding Accounting Errors

question 90

Multiple Choice

Which of the following is true regarding accounting errors?

• A)Only the income statement of the second period is affected.
• B)Only the balance sheet of the first period is affected.
• C)Errors in the current period may be offset by errors in the next accounting period.
• D)Only auditors can change them.
• E)Because they reverse,it is not necessary to do anything after the fact.

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Definitions:

Humor Content

Humor content refers to the subject matter, theme, or essence of what makes something humorous or comedic.

Defensive Style

The habitual way in which an individual copes with stress and defends against perceived threats to the ego.

Ego Strength

The ability of an individual's ego to effectively deal with internal conflicts, impulses, and stresses, promoting mental health and adaptive functioning.

Id Impulses

In psychoanalytic theory, instinctual and primitive drives or desires inherent in the id, seeking immediate gratification regardless of societal norms.