Practice - When Errors are Discovered After Final Accounts
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Practice Questions
Test your understanding with targeted questions
What should you do if you discover an error after final accounts are prepared?
💡 Hint: Think about how you would correct a mistake in a document.
Why is it important to adjust errors in final accounts?
💡 Hint: Consider what happens if decisions are made based on incorrect information.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
When an error is found after final accounts, what must be done?
💡 Hint: Think about what you need to do for accurate financial reporting.
True or False: Adjustments made after final accounts can affect the profit and loss account.
💡 Hint: Consider how financial statements interrelate.
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Challenge Problems
Push your limits with advanced challenges
A company reported sales of ₹200,000, but later discovers it was actually ₹220,000 after final accounts were issued. How would you adjust the entries?
💡 Hint: Identify both parts of the adjustment: reversal and correct recording.
You find that an expense of ₹10,000 was incorrectly classified as a capital expenditure after the final accounts are prepared. What steps will you take to rectify this?
💡 Hint: Break it down into identifying the correcting entries for reversal and recording.
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