Task-Based Simulation 4 - The auditors of Cardiff Company have found the errors in the company's accounting records. Identify whether each of the following statements is True or False. 1. Accounting errors are reported as adjustments to the end of the year retained earnings in the current year's financial statements. 2. A self-correcting error need not be reported as an error if it has corrected itself in the current year. 3. A change in depreciation method is treated as an error when adjusting the financial statements for the current year. 4. 5. An accounting error is treated as a prior period adjustment. A change in the useful lives of assets in calculating depreciation is treated as an accounting error and accumulated depreciation is adjusted to reflect this error. T F