Inventory errors cancel out at the end of the________ accounting period(s).

Question

Quizplus · Accepted Answer

Inventory errors are rectified at the end of the 2nd accounting period through physical inventory count and adjustments in the accounting records. By the end of the second accounting period, the balance in opening inventory from the previous accounting period should have been correctly carried forward, and all purchases and sales transactions should have been accurately recorded.

Inventory Errors Cancel Out at the End of The________ Accounting