Correction of Error

Rectification of Error videoIn 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 mb

Lecture Overview:  In this lecture you would learn about two broad categories of Error i.e. ;

Errors that affect trial balance agreement &;
Errors that do not affect trial balance agreement.

The errors which do not affect the trial balance agreement are further divided in to 6 categories;

a: Error of Omittion
b: Error of Commission
c: Completer reversal of Entry
d: Error of Original Entry
e: Compensating Error
f: Error of Principal

In the current video, you will learn in detail about the above errors (nature, how to correct etc.)

In case of errors affecting trial balance agreement, Suspense Account is used (the topic of suspense account will be covered in separate video)

Note: You need to have winrar and flash player installed on your computer.

Download the lecture from Ziddu

Practice Material:

Question 1 (Question and Answer in PDF)

This is good exam level question on the topic. Except part 5, the question is relatively easy.

Download this from Ziddu

Question 2 (MCQs)

Download from Ziddu (700 kb)

Lecture Notes.

Types of Errors

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