Which of the following is not an example of an accounting error,as distinguished from a change in accounting principle or change in accounting estimate?
A) Misstatement of assets,liabilities,or owners' equity
B) Incorrect classification of an expenditure as between expense and an asset
C) Failure to recognize accruals and deferrals
D) Recognition of a gain on disposal of fully depreciated property

Question

Quizplus · Accepted Answer

Recognition of a gain on disposal of fully depreciated property is not an accounting error as it is a result of a specific transaction and not a mistake in recording or reporting financial information. The other options given are examples of accounting errors.

Which of the Following Is Not an Example of an Accounting