Correcting a journal entry is done at the end of the accounting period.Select one:TrueFalse

Answer

The statement "Correcting a journal entry is done at the end of the accounting period" is False.

Correcting journal entries may occur at any time during the accounting period, not just at the end. These corrections are made to rectify errors that may have been recorded in the financial statements or ledgers. It is essential for maintaining the accuracy of the accounting records throughout the entire accounting cycle. Thus, while it is common to review and correct errors at the end of the period, corrections can and should be made as soon as errors are detected, ensuring a proper reflection of the financial situation of the business.