Question: EX 7-19 Error in inventory OBJ. 6 During 20Y5, the accountant discovered that the physical inventory at the end of 20Y4 had been understated by

EX 7-19 Error in inventory OBJ. 6 During 20Y5, the accountant discovered that the physical inventory at the end of 20Y4 had been understated by $42,750. Instead of correcting the error, however, the accountant assumed that the error would balance out (correct itself) in 20Y5. Are there any flaws in the accountant's assumption? Explain

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love of humour, often as a device to lighten the occasion;

orderliness, patience and seeing a task through;

well defined status and roles (class distinctions);