Question: Intermediate Accounting Spiceland, 8e Judgement 9-10 Inventory Errors. Some inventory errors are said to be self correcting in that the error has the opposite financial

Intermediate Accounting Spiceland, 8e Judgement 9-10

Inventory Errors.

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

Despite this self correcting feature, discuss in 500 words why these errors should not be ignored and describe the steps required to account for the error correction.

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