Correction of Error

In this page you would find all the relevant material regarding the financial accounting topic of  ‘ Rectification of Error’ or ‘ Correction of Error’. The Material includes Video lectures, Notes, Practice Questions etc.

Video Lecture

Language: (Urdu and Hindi) Video Length: About 19 minutes File Type: Flash file (zipped) File Size: 5.5 [...]

Basic Concepts Problems and Solution

This question tests your basic knowledge of various accounting Principals ranging from fundamental accounting principals to inventory (IAS 2).


Question:- Revenue is not recognized when it is received.

Ans: True, it is recognized in the period in which it is earned.

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Branch Accounting Problems and solutions

This is the professional exam level question on the topic of Branch Accounting.

It is moderately difficult.

File size : 1.12 mb

Format: pdf

You must have adobe reader 7 or above to view the file contents.

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Practice Questions: Rules of Debit and Credit & Basic Entries

Title: Basic Entries, Rules of Debit and Credit (Financial Accounting)

Type: Mixed (Fill in the Blanks & Multiple Choices)

Number of questions: 13 (version 1.3)

Passing Percentage: 80%

Time limit: No (Unlimited)

Financial Accounting Basic Terms Practice Questions

Title: Basic Accounting Terminology (Financial Accounting)

Type: Fill in the Blanks

Number of questions: 17 (version 1.7)

Passing Percentage: 70%

Time limit: No (Unlimited)

Each Question Carries: 10 marks.

Downloadable: Yes(See Below)

Final Accounts Questions (MCQs and True False)

Test your knowledge about Final Accounts of financial accounting. These are basic true/false questions.

Currently there are 10 questions. (Vol 1)

Each question has a time limit of 15 seconds (unless specified otherwise)

To pass, you must get 70% Marks.

Download links are also given, and it is advised to download first and then attempt the test (particularly if [...]