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Vhich of the following statements is incorrect regarding statement of financial osition errors? DIt requires an entry that will reclassify the account balances affected to appropriate real accounts. It affects only real accounts.

Vhich of the following statements is incorrect regarding statement of financial osition errors? DIt requires an entry that will reclassify the account balances affected to appropriate real accounts. It affects only real accounts.

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
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Which of the following statements is incorrect regarding statement of financial position errors? O It requires an entry that will reclassify the account balances affected to appropriate real accounts. O It affects only real accounts. O It affects net income. O It results to improper classification of an asset, liability, and capital accounts.
Transcribed Image Text:Which of the following statements is incorrect regarding statement of financial position errors? O It requires an entry that will reclassify the account balances affected to appropriate real accounts. O It affects only real accounts. O It affects net income. O It results to improper classification of an asset, liability, and capital accounts.
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