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

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 one of the suggested approaches to reporting changes in the accounts? a. current period. b. retrospective. c. prospective. d. selective period.
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.
What is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?
Indicate if it is an accounting mistake and provide an explanation for why it is or is not.
Correcting a prior period entry requires a prior period adjustment to what account?
corrections of errors that occurred on a previous period’s financial statements are called?
Which of the following would not overstate current-period net income?a. Capitalizing an expenditure that should be expensed.b. Failing to record a liability as an expense.c. Failing to record a check paying an item in Vouchers Payable.d. All of the above would overstate net income.
I. Using the following table, indicate the effect of the following errors of omission on the financial statement classifications listed. If as a result of the omission a classification is overstated, place a (+) in the appropriate space. An understatement is to be indicated by a (-). If the omission has no effect on the classification, place a (0) in the appropriate cell. . a. Payment for repairs erroneously debited to Building account. b. Recorded collection of an account receivable by debiting Cash and crediting revenue асcount. c. Depreciation for the month was omitted. d. Recorded twice an acquisition of office equipment on account. e. Rendered services for cash but made no record of the transaction. Effect of Omission Classification a b. e Revenues Expenses Total Assets Total Liabilities Owner's Equity

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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.