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Why inventory errors should not be ignored

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Inventory errors can be viewed as self-correcting in the sense that they will have the opposite financial statement effect in the periods following the error, thus correcting the original account balance errors.

In terms of this correcting feature, describe two or three reasons why inventory errors should not be ignored. Then describe the steps needed to correct these errors.

Write 2-3 paragraphs as needed in a Word document.

Reference no: EM131154482

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