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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of rectifying errors before final accounts?
💡 Hint: Think about financial decision-making.
Question 2
Easy
What must you do first when you identify an error?
💡 Hint: Focus on the process of correction.
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 should be done if an accounting error is discovered before final accounts?
- Ignore it
- Make a correction through journal entries
- Report to upper management only
💡 Hint: Think about the best practice for maintaining accuracy.
Question 2
True or False: Errors should be corrected after preparing final accounts.
- True
- False
💡 Hint: Consider the timing of error discovery.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A small business accidentally records its office rent of ₹1,500 as a utility expense. What steps should be taken to rectify this error before final accounts?
💡 Hint: Focus on reversing the mistake first.
Question 2
You discover three errors totaling ₹5,000 that were omitted from the financial records. Discuss how you would address these errors and the impact on the trial balance.
💡 Hint: Consider the implications of omissions on financial statements.
Challenge and get performance evaluation