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Explain how transactions are accounted for events after the reporting period. How to make adjustments for a non-counter balancing error and does it affect the

  1. Explain how transactions are accounted for events after the reporting period.
  2. How to make adjustments for a non-counter balancing error and does it affect the present financial statements?
  3. In case the books of accounts are not yet closed what financial statements account/accounts must be adjusted? Why?

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