Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Class 11 Account Chapter MCQ Quiz: Rectification of Errors

3 Questions

4 Views

Class 11 Account Chapter MCQ Quiz: Rectification of Errors

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the effect of recording a transaction twice in accounting records?

Balancing the trial balance

Overstating assets and equity (correct)

Increasing cash flow

Understating liabilities and expenses

Which of the following is not a common error in accounting?

Recording a transaction twice

Wrong totaling of a trial balance

Omission of a transaction

Using correct ledger accounts (correct)

What is the purpose of rectifying errors in accounting?

To maintain accurate financial records for decision-making (correct)

To deceive stakeholders

To avoid paying taxes

To manipulate financial statements

Study Notes

Errors in Accounting

Recording a transaction twice in accounting records results in an inaccurate financial statement, which can lead to misinformed business decisions and loss of credibility.
Omitting a transaction, recording a transaction in the wrong account, and mathematical errors are common errors in accounting.
Correcting errors in accounting is essential to ensure accuracy and reliability of financial statements, compliance with laws and regulations, and maintenance of stakeholder trust.
Rectifying errors in accounting helps to prevent misinterpretation of financial performance, support informed business decisions, and maintain the integrity of financial records.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge with this multiple-choice quiz on rectification of errors in accounting, specifically designed for Class 11 students studying accountancy.