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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a trial balance?
💡 Hint: Think about what it summarizes.
Question 2
Easy
What is an error of omission?
💡 Hint: Remember, it's like forgetting to write something down.
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 happens when the total debits do not equal total credits in a trial balance?
- Errors exist
- No action required
- The accounts are perfect
💡 Hint: Think about the significance of a balanced trial balance.
Question 2
True or False: Compensating errors can make the trial balance look correct.
- True
- False
💡 Hint: Consider how errors can interact in accounting.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation