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Unformatted text preview: restatement, and disclosures are made. There are numerous ways that an error can occur. Some of these ways are: the use of a principle that is not under GAAP, estimate not made in good faith, miscalculations, and omissions. Errors can affect the balance sheet, income statement, or both. By taking this course, previous courses, and the courses to follow, I feel that I am better prepared to enter into the professional accounting world. It has helped me as a student by giving me a better understanding of accounting for changes and errors. As a person it will enable me to appropriately account for any changes or errors that may occur....
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- Spring '11