Question

Five guiding principles for reflection of errors in accounting

Answer 1

An accounting error is a non-fraudulent discrepancy in financial documentation. The term is used in financial reporting.

Types of accounting errors include:

Error of omission -- a transaction that is not recorded.Error of commission -- a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added.Error of principle -- a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category.

If a company discovers that an accounting error significantly affected a previous report, it usually issues a restatement of the original release.

Answer 2

An accounting error is a non-fraudulent discrepancy in financial documentation. The term is used in financial reporting.
Types of accounting errors include:
Error of omission -- a transaction that is not recorded.Error of commission -- a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added.Error of principle -- a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category.
If a company discovers that an accounting error significantly affected a previous report, it usually issues a restatement of the original release.


Read more on Brainly.in - https://brainly.in/question/3851035#readmore