Accounting errors are the errors committed by persons responsible for recording and maintaining accounts in the course of accounting process.
Accounting errors may be in the form of omitting the transactions to record, recording in wrong books, or wrong account or wrong totaling and so on.
It is better to rectify errors always through journal entries.
Mock test in Rectification of Errors
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Subject :- Fundamentals of Accounting & Auditing
Chapter :- Accounting process-II – Test 1
Questions :- 25
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Need for Rectification of Errors
- To present the correct accounting information.
- To show the accurate profit or loss made during the year by preparing the profit & loss account.
- To disclose the true financial position by preparing the balance sheet.
types of errors in accounting
types of errors in accounting are clerical errors and errors of principle.
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