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Evgen [1.6K]
4 years ago
14

If a material error is discovered in an accounting period subsequent to the period in which the error is made:

Business
1 answer:
boyakko [2]4 years ago
5 0

Answer: Any previous years’ financial statements are retrospectively restated to reflect the correction.

Explanation:

If an accounting error that is material is discovered in a period after the period that the error was made, every financial statement that was affected will have to be restated so that the correction is reflected by them. This was the entries on the books will be more accurate.

For instance, if a material error that occurred in 2017 is discovered in 2020, then the '17, '18 and the '19 statements have to be corrected to reflect that there was an error that needed correcting.

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A(n) ________ includes a group of senior managers responsible for systems development.
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A steering committee is an advisory organization that makes directional choices on various organizational initiatives. Its members at once aid project managers working in the direction of strategic enterprise directions.

Key roles and responsibilities of a steering committee: it provides recommendations on mission resource utilization, time limits, staff hiring, and advertising wishes. Manual the assignment group in accomplishing milestones in step with the challenge plan. determine average mission scope and strategic project route.

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