• 1 Marks

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

An unintentional mistake is ……………committed by anyone in the accounting process which results in material misstatement.

Correct Answer: Error

Explanation: In accounting, an “error” refers to an unintentional mistake in the process that may lead to a material misstatement, differing from fraud, which is intentional.

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