Professional Courses
Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.
Categories
Interactive Games
Fun, engaging games to boost memory, math fluency, typing speed, and English skills—perfect for learners of all ages.
Typing
Memory
Math
English Adventures
Knowledge
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 related to the topic.
Question 1
Easy
What does rectification of errors refer to?
💡 Hint: Look at how errors affect financial statements.
Question 2
Easy
Name one type of error of omission.
💡 Hint: Think about transactions that might be completely missed.
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 rectifying errors in accounting?
- To make records look good
- To ensure accurate financial statements
- To justify accounting fees
💡 Hint: Think about how errors can impact business decisions.
Question 2
True or False: Compensating errors do not need to be rectified.
- True
- False
💡 Hint: Consider the importance of overall accuracy in financial records.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business has a trial balance that shows an excess of ₹2,000 due to two compensating errors: one entry overstating revenue and another underreporting expenses. Describe the rectification process.
💡 Hint: Think about how each error impacts the financial statements.
Question 2
If a transaction of ₹1,000 was not recorded and later found during a review, detail the steps you would take to rectify this in the accounts.
💡 Hint: Consider how you would document the transaction.
Challenge and get performance evaluation