MC38 What is the correct treatment for a trial balance error that is discovered after the financial statements have been prepared?
A. Adjust the financial statements to correct the error
B. Make correcting entries in the ledger to correct the error
C. Ignore the error since the financial statements have already been issued
D. Disclose the error in the next period’s financial statements
Answer:B
MC38 What is the correct treatment for a trial balance error that is discovered after the financial statements have been prepared?
A. Adjust the financial statements to correct the error B. Make correcting entries in the ledger to correct the error C. Ignore the error since the financial statements have already been issued D. Disclose the error in the next period’s financial statements