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If an error occurs in the same accounting period as discovered, how is the error corrected? If a material inventory error is discovered in an
If an error occurs in the same accounting period as discovered, how is the error corrected?
If a material inventory error is discovered in an accounting period subsequent to the period in which the error was made, such as discovered in 2013 that ending inventory from 2011 is understated. What accounts will be affected by this understatement, and how will they be affected? How are they corrected?
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