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.

Question

Quizplus · Accepted Answer

Errors in accounting can indeed offset each other over different accounting periods, meaning that an error in one period could be counterbalanced by an error in a subsequent period, affecting the overall financial reporting across those periods.

Which of the Following Is True Regarding Accounting Errors