Corrections to posting errors are made:
A)Before the first trial balance
B)Only after the first trial balance
C)When discovered
D)Only when directed by top management

Question

Quizplus · Accepted Answer

Corrections to posting errors can be made anytime they are discovered, regardless of whether or not a trial balance has been prepared. Waiting until the first trial balance could result in additional errors being carried forward and potentially compounding the issue. It is best to correct errors as soon as they are identified to ensure accuracy in financial reporting. Waiting for top management to direct corrections could also result in considerable delay and potential inaccuracies in financial statements.

Corrections to Posting Errors Are Made