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If a firm discovers a self-correcting error in the second year, and the books are still open, it ________. need not correct the error because
If a firm discovers a self-correcting error in the second year, and the books are still open, it ________.
need not correct the error because it will reverse itself at the end of the year |
should correct beginning retained earnings and any remaining accounts needed to correct the error for both years |
must recall the previous year's financial statements, correct them, and reissue the financials |
should only correct the second year's error and leave beginning retained earnings unadjusted |
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