Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

Name: Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Correcting entries are made as soon as an error is discovered, regardless of whether or not it is at the end of an accounting period. Waiting until the end of the period to make corrections can result in inaccurate financial statements.

Correcting Entries Are Made Any Time an Error Is Discovered