AC302-01_Unit 10_ Writing Assignment_Marjorie Bowden

AC302-01_Unit 10_ Writing Assignment_Marjorie Bowden -...

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AC302-01 Unit 10 Writing Assignment Marjorie Bowden The key concepts that have made me a stronger candidate to enter the business world would be accounting for changes and errors. As in everyday life, accountants are human and mistakes can and will be made. It is very important to handle these errors in the appropriate manner to account for a change in the error. Accounting principles, policies, and procedures should remain consistent. However, there are times when a change should be made, and the consistency is impaired. Any change in accounting principle has to be reported in an appropriate manner. If a company makes a mistake in their financial statements, the company is obligated to make the correction of the error in the current period by accounting for the error as a prior period
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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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