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...

See similar textbooks

Similar questions

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.
What are the disclosure requirements for a correction of an accounting error?
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.
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.
Which of the following statements regarding accounting change is correct? a. Change in depreciation method is accounted for as a change in accounting policy. b. Change in accounting estimate is accounted for in current and future periods. c. The categories of accounting changes are change in accounting estimate and correction of prior period error. d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.
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.
Kindly provide the correct answers for the following items.
What is a discontinued operation? and what is the correct accounting treatment? Explain
What are the different types of errors that are found in the books of accounts?
Which of the following is a limitation of the direct write-off method of accounting for uncollectible? The direct write-off method overstates assets on the balance sheet. The direct write-off method does not match expenses against revenue very well. The direct write-off method does not set up an allowance for uncollectible. All of the above
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of which of the following? a. Expense recognition principle. b. Consistency characteristic. c. Materiality quality. O d. Revenue recognition principle.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

SEE MORE TEXTBOOKS

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.