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How do accounting errors occur? What are examples of errors

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How do accounting errors occur? What are examples of errors you have encountered at your place of employment (if you are aware of any)? Why is it necessary to correct them? What are the ramifications of not correcting errors?

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The solution discusses how accounting errors occur.

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How do accounting errors occur?

- Errors are more common in small businesses that have less personnel, and therefore less internal controls due to a lower number of employees. Errors often occur because accounting personnel are doing too many things at once, are going too fast, or even simply do not understand what they are doing. The individual may be an accountant who lacks experience and just is not familiar yet with ...

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