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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is an error of omission?
💡 Hint: Think about what happens when something is forgotten.
Question 2
Easy
Name one type of error.
💡 Hint: Consider how mistakes can be made during recording.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main purpose of the trial balance?
- To record transactions
- To ensure debits equal credits
- To prepare financial statements
💡 Hint: What does the trial balance help verify?
Question 2
True or False: Errors of principle are mistakes made when recording transactions.
- True
- False
💡 Hint: Think about if the principle guides how transactions should be recorded.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a trial balance where total debits are $20,000 and credits are $18,000, identify potential discrepancies and provide corrective actions.
💡 Hint: Investigate the ledger entries to identify what might be missing or incorrectly recorded.
Question 2
A company's ledger has recorded a total of $1,500 for expenses, but the trial balance shows $1,700 in expenses. Determine what type of error may have occurred and suggest how to correct it.
💡 Hint: Re-check the addition for each expense account.
Challenge and get performance evaluation