What are erros that are automatically corrected in the next accounting period, even if they're notdiscovered. A. Non-counterbalancing errors, B. Prior period adjustments, C. Changes in accountingprinciple, or D. Counterbalancing erros.

Counterbalancing errors automatically correct themselves in subsequent accounting periods because…

Answered: What are erros that are automatically…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 17Q: Sometimes financial statements contain errors. What type of liabilities may need correction as a...

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Similar questions

How is a correction of an accounting error made?
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.
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 issue
What 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.
Describe how to fix accounting mistakes in detail.
Some inventory errors are said to be “self-correcting,” in that the error has the opposite financial statement effectin the period following the error, thereby “correcting,” the original account balance errors.Required:Despite this self-correcting feature, discuss why these errors should not be ignored and describe the steps requiredto account for the error correction.
Why should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?
Which of the following is false? a. GAAP and IFRS have the same absolute standard regarding the reporting of error corrections in previously issued financial statements. b. The accounting for changes in estimates is similar between GAAP and IFRS. c. Under IFRS, the impracticability exception applies both to changes in accounting principles and to the correction of errors. d. GAAP has detailed guidance on the accounting and reporting of indirect effects; IFRS does not.
If inventory errors are said to correct themselves, why are accounting users concerned when such errors are made?
Which of the following accounting changes is always accounted for prospectively? correction of an error change in accounting estimate change in accounting principle change in reporting entity

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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.