Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.

Name: Correcting entries are made any time an error is discovered even though it may not be at the end of an accounting period.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Correcting entries are made whenever an error is discovered, regardless of whether it is at the end of an accounting period or not. Waiting until the end of an accounting period to correct errors could lead to inaccurate financial statements.

Correcting Entries Are Made Any Time an Error Is Discovered