Final answer:
The statement is false; errors in a closed accounting period should be corrected depending on their materiality and impact on the financial statements.
Step-by-step explanation:
The statement that you should not make any changes when an error is uncovered in a closed accounting period is false. Generally, errors discovered in a closed accounting period should be corrected. The correction method often depends on the type and significance of the error. If the error is material and affects the understanding of the financial statements, it must be corrected through an adjusting entry in the current period and proper disclosure should be made. For immaterial errors, correction can also occur in the current period but without the need for disclosure.