Practice - Rectification of Errors in the Ledger
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Practice Questions
Test your understanding with targeted questions
What is the first step in identifying errors in the ledger?
💡 Hint: Think about how you ensure accuracy in numbers.
What should you do once an error has been identified?
💡 Hint: Consider the term rectification.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the first step to take when correcting an error in the ledger?
💡 Hint: Think about the importance of correcting errors.
True or False: Errors in the ledger may lead to incorrect financial statements.
💡 Hint: Consider the impact of misinformation.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A payment of ₹1,200 to a supplier was entered in the ledger as ₹1,020. What steps must be taken to rectify this error?
💡 Hint: Think about what needs to happen to correct the amounts originally recorded.
If an error for ₹500 was found in two entries, one over- and one under-recorded, how would you handle this compensating error?
💡 Hint: Even if they balance out, each must be addressed accordingly.
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