Practice - Rectifying Errors in Trial Balance
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Practice Questions
Test your understanding with targeted questions
What is a trial balance?
💡 Hint: Think about what it summarizes.
What is an error of omission?
💡 Hint: Remember, it's like forgetting to write something down.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What happens when the total debits do not equal total credits in a trial balance?
💡 Hint: Think about the significance of a balanced trial balance.
True or False: Compensating errors can make the trial balance look correct.
💡 Hint: Consider how errors can interact in accounting.
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Challenge Problems
Push your limits with advanced challenges
A company recorded a total of ₹50,000 in sales, but a transaction of ₹5,000 was omitted. Calculate the correct trial balance and explain the rectification process.
💡 Hint: Think about what happens when a transaction is missing and how you can add it back.
If an error of ₹10,000 was mistakenly included in two different accounts, explain the nature of this error and how to correct it.
💡 Hint: Consider how errors can offset each other and the importance of thorough checks.
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