Practice When Errors are Discovered After Final Accounts - 8.6.3 | 8. Rectification of Errors | ICSE Class 11 Accountancy
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8.6.3 - When Errors are Discovered After Final Accounts

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

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.

Question 2

Easy

Why is it important to adjust errors in final accounts?

💡 Hint: Consider what happens if decisions are made based on incorrect information.

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

When an error is found after final accounts, what must be done?

  • Ignore it
  • Make adjustments
  • Report it to authorities

💡 Hint: Think about what you need to do for accurate financial reporting.

Question 2

True or False: Adjustments made after final accounts can affect the profit and loss account.

  • True
  • False

💡 Hint: Consider how financial statements interrelate.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

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.

Question 2

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.

Challenge and get performance evaluation