A company discovers that its cost of goods sold is understated by an insignificant amount. It does ...

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A company discovers that its cost of goods sold is understated by an insignificant amount. It does ...

A company discovers that its cost of goods sold is understated by an insignificant amount. It does not need to correct the error because of the materiality concept.
A) True
B) False

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.

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