What Is Correction of Errors in Accounting?

Error Correction in Accounting Error correction in accounting refers to fixing inaccuracies in prior years’ financial statements from mathematical mistakes, misapplying principles, or overlooking facts. Accounting errors are retrospective mistakes in previous financials requiring restatements. Whenever recording mistakes occur, bookkeepers use correcting entries to fix them. Some errors counterbalance each other. Categorizing or math errors … Read more

What Type of Product Is a Candle?

Candle Making Basics A candle is wax with an ignitable wick embedded that provides light and sometimes fragrance. Choosing a small business depends on available capital, risk tolerance, and skills. Polysorbate 80 helps stabilize and emulsify fragrance oils in candles so scent distributes evenly. Wax types include paraffin, soy, beeswax, palm, and gel. Paraffin is … Read more