What are erros that are automatically corrected in the next accounting period, even if they're not discovered. A. Non-counterbalancing errors, B. Prior period adjustments, C. Changes in accounting principle, or D. Counterbalancing erros.
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- Which of the following is not a characteristic of non-counterbalancing error? a. If not detected, this is not automatically corrected in the next accounting period. b. The income statement of the period in which the non-counterbalancing error is committed is misstated. c. The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. d. If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected.True or false Reclassification of an error will require an adjustment to the retained earnings account.How is a correction of an accounting error made?
- Which of the following is not a characteristic of non-counterbalancing error? Group of answer choices a.If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected. b.The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. c.If not detected, this is not automatically corrected in the next accounting period. d.The income statement of the period in which the non-counterbalancing error is committed is misstated.Which of the following is not one of the suggested approaches to reporting changes in the accounts? a. current period. b. retrospective. c. prospective. d. selective period.What are the disclosure requirements for a correction of an accounting error?
- Explain the concept of hindsight in relation to changes in accounting estimates and errors. How should the use of hindsight be balanced with the requirement to make estimates based on information available at the time?The Accounting Cycle Question: What does it mean to adjust accounts for timing mismatches? What is the meaning behind timing mismatches. Explain and provide an example please.Describe the process of accounting for errors that have been corrected.
- Topic - Violation of Recognition, errors and intentional misstatements Question: Please explain and provide an example of how the Recognition of an expense can be found in the incorrect accounting period.Why is retrospective treatment of changes in accounting estimatedprohibited? A. Changes in estimate are normally corrections and adjustments which are the natural result of the accounting process B. The retrospective treatment for any type of presentation is not allowed C. Retrospective treatment of changes in accounting estimate is required by IFRS D. The IFRS is silent on the issueWhat are accounting errors and how they are reported. What are the disclosure requirements for correction of errors. Please see FASB codification to discuss the disclosure requirements.