Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 2)
Which of the following statements are correct regarding the correction of errors?
Corrections are only required if the errors are material.
Revised financial statements should be prepared as soon as errors are identified.
The discovery of errors will affect the calculation of profit or loss or financial position.
Errors always affect the agreement of the trial balance.
Explanation
Corrections are only required if the errors are material; Revised financial statements should be prepared as soon as errors are identified; The discovery of errors will affect the calculation of profit or loss or financial position.
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