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]3 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.

You might be interested in

Tim babysits for three hours on the weekend. His current babysitting job pays him $7 an hour. He has a new babysitting job offer

weqwewe [10]

Before going to the cost and benefits, lets take a look first at the total of what Tim makes for the two jobs. In the first job, he is paid $7 per hour for 3 hours so that is $21 total for the first job. The second job offer is $10 per hour for two hours so that is $20 for the entire second job offer. If he is going to take the first job, he will have $1 more than the second job, however, he has to work an extra hour. However, if he takes the second job, he receives $1 less but has one hour more for himself. So if he were to take the second job, it will be more beneficial to him because he can get almost the same amount but doesn't need to work as hard

5 0

2 years ago

Read 2 more answers

Uber’s strategy has been to break these regulations, establishing its service first, and then fighting attempts by regulators to

aleksley [76]

Answer: No it is not.

Explanation:

Uber by first establishing itself and then fighting regulators leaves itself open to attack around the world. This is because the Regulators have the power to keep adjusting the laws that govern Uber if they feel that Uber has an unfair advantage or if it's existence is detrimental to the society. Uber has been accused many times of various infractions such as Tax Evasions and being a conduit through which crime can be committed because it did not conduct proper background checks.

Going back to the issue of taxes, if the regulators feel that Uber may be avoiding taxes, they could impose laws that either cause an increase in Uber prices or remove them from a location which can have a native influence on Uber's bottomline.

This approach is not good because regulators do not like being fought and will try to ascert dominance. It is simply not viable and this has been proven with Uber's many suspensions around the world.

8 0

2 years ago

There are many unstated assumptions in the problem given above. Even if the mathematical solution is to make only one or two typ

Genrish500 [490]

Answer:

The unstated assumptions in the problems given is that the company may require more units of aluminium and steel, which would allow for producing more bicycles.A linear programming model cannot account for this.

Explanation:

Linear programming model: this is an algebraic description of te objectives to be minimized and the constraints to be satisfied by the variables.

3 0

3 years ago

If an investment is producing a return that is equal to the required return, the investment's net present value will be:

harina [27]

The net present value would be zero.

Hope this helped! :)

4 0

3 years ago

A school district's board of directors is deciding whether to use its funds for the construction of a new school or for repairs

vladimir2022 [97]

They are gonna use a format of votes

3 0

3 years ago