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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