Correcting entries will never affect statement of financial position accounts.

Name: Correcting entries will never affect statement of financial position accounts.
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Question

Quizplus · Accepted Answer

Correcting entries can affect statement of financial position accounts if they are correcting errors in those accounts. For example, if there was an error in recording the amount of accounts payable, a correcting entry would need to be made to adjust the balance and ensure the accuracy of the statement of financial position.

Correcting Entries Will Never Affect Statement of Financial Position Accounts