CORRECTING ENTRY Definition

Bookmark and Share

CORRECTING ENTRY, a type of ADJUSTING ENTRY, is required at the end of an accounting period if a mistake was made in the accounting records during the period. See REVERSING ENTRY.

Learn new Accounting Terms

ACCRUAL BOND is a bond on which interest accrues, but is not paid out to the investor during the time of accrual; instead, the accrual interest is added to the amount of remaining principal and paid at maturity. Also known as an accretion bond or a Z-bond in a CMO issue. See Collateralized Mortgage Obligation.

REVIEW EVIDENCE is information used by the accountant to provide a reasonable basis for the obtaining of limited assurance.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.