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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define rectification of errors in accounting.
💡 Hint: Think about what needs to be accurate.
Question 2
Easy
What is an error of omission?
💡 Hint: Consider entries that never happened.
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 an error of commission?
- A failure to record a transaction
- An incorrect recording of a transaction
- A violation of accounting principles
💡 Hint: Consider how many errors you can think of.
Question 2
True or False: A suspense account is used for balancing discrepancies temporarily.
- True
- False
💡 Hint: Think about why we need balancing.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You discover that ₹10,000 was recorded as expenses but should have been classified as an asset. Describe the steps to rectify this error.
💡 Hint: Think about reversing it and then directing it to the right classification.
Question 2
If a trial balance shows a deficit caused by a compensating error, how would you go about identifying and correcting the errors?
💡 Hint: Think of it as detective work in your records.
Challenge and get performance evaluation