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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the first step in rectifying an error?
💡 Hint: Think about what we need to do before making any corrections.
Question 2
Easy
What do you record to reverse an incorrect transaction?
💡 Hint: Consider which accounts were wrongly impacted.
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 does rectification of errors ensure in financial statements?
- Reduced liability
- Greater accuracy
- Increased complexity
💡 Hint: Think about the purpose of auditing and accuracy in business.
Question 2
True or False: Errors identified before final accounts are prepared should be rectified through journal entries.
- True
- False
💡 Hint: Recall what is at stake without these corrections.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
An accounting clerk recorded a ₹5,000 expense as income. Describe the steps to correct this and the potential impacts if not rectified.
💡 Hint: Follow the chronological steps for effective rectification.
Question 2
A company found that one of its assets was undervalued by ₹10,000 in its records before final accounts were created. What steps should it take?
💡 Hint: Focus on adjusting the asset correctly while ensuring inventory levels are accurate.
Challenge and get performance evaluation