When a self-correcting error is discovered after closing the books for the second year ________.
A)no entry is necessary because all permanent accounts are correctly stated
B)an entry is necessary to correct the permanent accounts
C)an entry must be made to correct both the income statement and balance sheet accounts
D)a footnote disclosure with the financial statements is required describing the error

Question

Quizplus · Accepted Answer

The Answer of When a self-correcting error is discovered after closing the books for the second year ________.
A)no entry is necessary because all permanent accounts are correctly stated
B)an entry is necessary to correct the permanent accounts
C)an entry must be made to correct both the income statement and balance sheet accounts
D)a footnote disclosure with the financial statements is required describing the error

When a Self-Correcting Error Is Discovered After Closing the Books