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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a trial balance?
💡 Hint: Think about its purpose in accounting.
Question 2
Easy
Define an error of omission.
💡 Hint: Consider what happens when a sale isn’t logged.
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 type of error is completely failing to record a transaction?
- Errors of Commission
- Errors of Omission
- Compensating Errors
💡 Hint: Think about what happens when something is missing.
Question 2
Are compensating errors harmful even if they balance the trial balance?
- True
- False
💡 Hint: Consider the implications of hidden errors in accounting.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business forgot to record ₹5000 in sales. How does this affect the trial balance, and what corrections should be made?
💡 Hint: Look at how this missing entry would affect your totals.
Question 2
You find two errors: a payment of ₹300 recorded as ₹30 and a sale of ₹30 recorded as₹300. Discuss how to correct these errors.
💡 Hint: Think about what is needed to adjust back to the correct amounts.
Challenge and get performance evaluation