Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 13)
When an error of original entry is discovered, what is the process of correction?
Reverse the original entry, and then make the correct entry.
Adjust the balance sheet only.
Make the correcting entry to reflect the correct transaction.
Ignore the original error, and move forward.
Explanation
Make the correct entry to reflect the accurate financial status.
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