Rectification of Errors
Commerce ⇒ Accountancy
Rectification of Errors starts at 11 and continues till grade 12.
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A payment of ₹2,000 to a creditor was wrongly debited to the Purchases Account. What is the rectification entry?
A purchase of goods worth ₹5,000 was recorded in the sales book. What type of error is this?
A sum of ₹1,000 received from Mohan was credited to Sohan's account. What is the rectification entry?
A sum of ₹1,200 paid for repairs was debited to the Machinery Account. What is the rectification entry?
A sum of ₹1,500 received from Ram was credited to Shyam. What type of error is this?
A sum of ₹2,500 received from a customer was posted to the credit of his account. What is the rectification entry?
A sum of ₹3,000 received from a debtor was not posted to his account. What is the rectification entry?
A sum of ₹800 paid for stationery was debited to the Furniture Account. What is the rectification entry?
Describe the effect of an error of principle on the trial balance and financial statements.
Describe the impact of not rectifying errors in the books of accounts.
Describe the steps involved in rectifying an error detected after the preparation of the trial balance.
Explain the difference between an error of omission and an error of commission.
Explain the difference between rectification of errors before and after the preparation of the trial balance.
Explain the purpose of the Suspense Account in rectification of errors.
Explain with an example what is meant by a compensating error.
Explain with an example what is meant by an error of principle.
If the total of the purchases book is overcast by ₹2,000, what will be the rectification entry?
If the total of the sales book is undercast by ₹1,000, what will be the rectification entry?
What is meant by rectification of errors in accounting?
