Question

What is advantage of retification error?

Answer 1

Answer:

1. With rectification of errors, we can show of financial statements correctly. We can save other interested parties from mislead.
2. It will be helpful to increase our reputation.

Answer 2

Answer:Rectification of errors will also helpful for good managerial decisions. You know that one branch of accounting is management accounting which provides useful information to management. ... If it will be incorrect, accounting information will be wrong and decision on these accounting information will also be wrong.

Explanation: