What is a change in accounting principle? How do you determinate if a change in principle should be reported retroactively, currently or prospectively? How do these changes affect financial statements?

 

Why do accountants make errors? What types of errors may occur? Why is it necessary to correct them? Whit are the ramifications of not correcting errors? What are some examples of counterbalancing errors?

 

What are some examples of noncounter balancing errors? What are the differences between counterbalancing and noncounter balancing errors? How are each handled? Does it matter if the books are closed? Why or why not.

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