Accounting for IGCSE & O level - Accounting Procedures (Section 26 - No. 8)
What is the main goal when correcting accounting errors?
To identify all errors regardless of materiality.
To correct the financial statements to reflect the true economic reality of the business.
To minimize the impact on the tax liability of the business.
To ensure all transactions are recorded exactly as they were intended initially.
Explanation
The primary objective of error correction is to present an accurate view of the business's financial performance and position.
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