Rectification of Errors MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on July 22, 2022

This multiple choice question (MCQ) test covers rectification of errors. If you aim to answer every question correctly, it will be great preparation to test your understanding.

This quiz contains 10 questions. Each MCQ has 4 answers, and you need to choose the correct response.

If you find any questions difficult, consider reading the rectification of errors chapter from the Financial Accounting section of our website.

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Frequently Asked Questions

How do you solve for Rectification of Errors?

We need to cancel the effect of wrong debit or credit by reversing it and restoring the effect of correct debit or credit. When there is a short debit or excess credit in an account we need to debit the concerned account.

What is the 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.

What is the Rectification of Errors?

What is the Rectification of Errors?

What are the objectives of Rectification of Errors?

Ascertaining correct profit or loss for the accounting period, and. Presenting a proper financial position of the concern on a particular date.

Which account is generally used for Rectification of Errors?

A suspense account is automatically closed after rectification of all errors.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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