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Discuss why these errors should not be ignored

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Reference no: EM131008425

Some inventory errors are said to be "self-correcting" in that the error has the opposite financial statement effect in the period following the error, thereby "correcting" the original account balance errors.

Required:

Despite this self-correcting feature, discuss why these errors should not be ignored and describe the steps required to account for the error correction.

Reference no: EM131008425

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