If the income statement error is discovered in the year of error, what action is to be done by the entity? O Reclassify the item to real account. Adjust the effect to the retained earnings account. O...

If the income statement error is discovered in the year of error, what action is to be<br>done by the entity?<br>O Reclassify the item to real account.<br>Adjust the effect to the retained earnings account.<br>O Ignore the error.<br>O Reclassify the item to its proper nominal account.<br>

Extracted text: If the income statement error is discovered in the year of error, what action is to be done by the entity? O Reclassify the item to real account. Adjust the effect to the retained earnings account. O Ignore the error. O Reclassify the item to its proper nominal account.

Jun 10, 2022

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If the income statement error is discovered in the year of error, what action is to be done by the entity? O Reclassify the item to real account. Adjust the effect to the retained earnings account. O...

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