Which of the following statements is true regarding errors in accounting?

Question

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Errors in accounting are often unintentional and tend to be random, meaning that different errors may partially offset each other. However, this does not mean that errors should be ignored or left uncorrected. It is important for businesses to have internal controls and procedures in place to minimize the occurrence of errors and to detect and correct them as quickly as possible.

Which of the Following Statements Is True Regarding Errors in Accounting