Correcting entries
A) always affect at least one balance sheet account and one income statement account.
B) affect income statement accounts only.
C) affect statement of financial position accounts only.
D) may involve any combination of accounts in need of correction.

Question

Quizplus · Accepted Answer

Entries may involve any combination of accounts in need of correction because errors can occur in various accounts such as assets, liabilities, equity, revenues, and expenses. Therefore, correcting entries may involve multiple accounts, depending on the nature and extent of the error.

Correcting Entries