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Question
Answer in One Sentence:
What is meant by rectification of errors?
Solution
In the book of accounts, when errors are identified (to confirm accuracy in the books of accounts), and entries are passed to rectify those errors, it is known as the rectification of errors.
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RELATED QUESTIONS
Do you agree or disagree with the following statement:
The unintentional omission or commission of amounts and accounts while recording the transactions are known as an error.
Do you agree or disagree with the following statement:
The errors committed due to wrong recording, wrong posting, wrong totalling, wrong balancing, wrong calculations are known as Arithmetical errors.
Complete the following sentence:
______ is assured only when there are no errors in the books of accounts.
Complete the following sentence:
Errors are caused due to ______ recording of transactions.
