Which of the following is not true regarding the correction of an error? A journal...
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Accounting
Which of the following is not true regarding the correction of an error? A journal entry is made to correct any account balances that are incorrect as a result of the error. b. Prior years' financial statements are restated to reflect the correction of the error (if the error affected those statements). A disclosure note should describe the nature of the error and the impact of its correction on net income, income before extraordinary items, and earnings per share. d. The correction is reported prospectively, previous financial statements are not revised. c
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