Question

When an immaterial error is discovered in the same year it is made before the financial statements are issued, what is the appropriate course of action?

Answer 1

The appropriate course of action to Replace the incorrect entry in the journal with the right one.

What is immaterial error?

Immaterial errors are deviations from request requirements that have little, little, or no significant impact on the procurement process and do not negatively influence other vendors.

Does immaterial error corrections matter?

The study's author, Preeti Choudhary, an associate professor of accounting, states: "Our findings imply that immaterial errors are an equal or better indicator of possible audit or financial reporting difficulties than significant errors remedied by restatements."

The appropriate course of action to Replace the incorrect entry in the journal with the right one.

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