Practice - What is Rectification of Errors?
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Practice Questions
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What is the primary purpose of rectification of errors in accounting?
💡 Hint: Think about the impact of errors on decision making.
Name one type of error that results from missing transactions.
💡 Hint: What happens if we forget to write something down?
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does rectification of errors ensure?
💡 Hint: Think about why accurate records matter.
Errors of omission occur when a transaction is...
💡 Hint: What does it mean to omit something?
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Challenge Problems
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A business owner discovers a mistake where a banana sale of $200 was recorded as $20. Describe how to correct this error.
💡 Hint: What steps do you need to take to set the records straight?
During the year-end audit, an auditor notices that two errors offset each other in the ledger. Discuss the implications of this finding.
💡 Hint: Consider how a well-balanced trial balance can still be misleading.
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