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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the definition of rectification of errors in accounting?
💡 Hint: Think about why we correct errors.
Question 2
Easy
Name one type of error and explain it.
💡 Hint: What might happen if a sale isn't recorded?
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 rectification of errors?
- A method of error analysis
- The process of correcting accounting mistakes
- A type of account
💡 Hint: Think about its purpose in accounting.
Question 2
Errors of omission include what?
- True
- False
💡 Hint: Consider what happens when a transaction is never logged.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business reports income of ₹50,000 but has actually earned ₹70,000 due to an omission. How would you identify and rectify this error?
💡 Hint: Look back at what was not reported.
Question 2
A business realizes its expense report was off by reflecting ₹5,000 instead of ₹3,000 in assets. What steps would you take to correct the accounting records?
💡 Hint: Remember, it's about adjusting the recorded expense.
Challenge and get performance evaluation