Practice - Rectification of Errors
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 definition of rectification of errors in accounting?
💡 Hint: Think about why we correct errors.
Name one type of error and explain it.
💡 Hint: What might happen if a sale isn't recorded?
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is rectification of errors?
💡 Hint: Think about its purpose in accounting.
Errors of omission include what?
💡 Hint: Consider what happens when a transaction is never logged.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
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.
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.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.