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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define Rectification of Errors in accounting.
💡 Hint: Think about what happens if records are wrong.
Question 2
Easy
What is an Error of Omission?
💡 Hint: Consider a sale not recorded at all.
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 first step in rectifying a journal entry error?
- A) Check the ledger
- B) Reverse the incorrect entry
- C) Create a suspense account
💡 Hint: Think about what you do when you find a mistake.
Question 2
True or False: An error of omission occurs when a transaction is recorded incorrectly in terms of amount.
- True
- False
💡 Hint: Consider the definition of omission.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You recorded a sale of ₹1,500 as ₹150. Explain the rectification process in detail.
💡 Hint: Focus on reversing carefully.
Question 2
Discuss the implications of not correcting an identified error in the journal entries.
💡 Hint: Consider the importance of accuracy in accounting.
Challenge and get performance evaluation