Practice - Identifying Errors in the Ledger
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is the first step in identifying errors in the ledger?
💡 Hint: Think about what you would do if the totals do not match.
Name one example of an error in the ledger.
💡 Hint: Consider what happens when entries are misplaced.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary reason for identifying errors in the ledger?
💡 Hint: Consider why businesses rely on accurate records.
True or False: Compensating errors do not need to be corrected since they offset each other.
💡 Hint: Think about why accuracy is necessary.
1 more question available
Challenge Problems
Push your limits with advanced challenges
You find two entries of ₹500 each mistakenly duplicated in your sales ledger. How do you rectify this error?
💡 Hint: Think of which entry needs to be nullified.
During a quarterly verification, a balance discrepancy of ₹1,500 is found. The error involves multiple transactions. Describe how you would approach identifying and correcting the mistake.
💡 Hint: Take your time to check each entry carefully.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.