If the statement of financial position error is discovered in the year of error, what action is to be done by the entity?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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If the statement of financial position error is discovered in the year of error, what action is to be done by the entity?

Ignore the
Reclassify the item to its proper real account.
Adjust the effect to the retained earnings account.
Reclassify the item to nominal account.
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