5. What is a suspense account? Is it necessary that suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?
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Errors of commission refer to those errors that are committed when transactions are recorded with wrong amounts, wrong balancing, and wrong posting and/or wrongly carried forward. The following examples will illustrate the process of understanding and rectification of such errors.
Rectification of Errors:- Errors may or may not affect the Trial Balance but it must be detected and rectified. The process of detecting errors and the procedure to correct the accounting records is called the rectification of errors.
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Question 1.What is meant by rectification of errors?Answer:Correction of errors in the books of accounts is not done by erasing, rewriting or striking the figures which are incorrect. Correcting the errors that has occured is called Rectification.
Question 3.What do you mean by errors?Answer:Errors means recording or classifying or summarising the accounting transactions wrongly or omissions to record them by a clerk or an accountant unintentionally.
Question 3.Rectification entries are passed in Cash Book.Answer:This statement is False.Rectification entries are passed in the Journal Proper book. Cashbook is mainly used for cash transactions and not for rectification of errors.
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Question 8.What is rectification of errors or rectification of entry?Answer:Correcting the mistakes made earlier by passing a new entry called rectification entries.In other words an entry written to rectify the mistakes committed in the books of accounts called rectification entry.
Question 3.What is suspense account? Is it necessary that suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspenses account?Answer:When trial balance does not agree, i.e., when the total of the debit column does not match that of the credit column, then the difference of the trial balance is transferred to a temporary account in order to avoid delay in preparation of the financial statements. This temporary account is termed as suspense account.
Question 7.Explain errors of principle and give two examples with measures to rectify them.Answer:Errors of principle refer to those errors that are committed when recording of transactions in the original book of entry is done against the accounting principle. These errors are not reflected in the trial balance. These errors are committed when proper distinction is not made between capital expenditure and revenue expenditure, or vice versa or between capital income and revenue income or vice versa.Th following examples will illustrate the process of understanding and rectification of such errors.
Question 8.Explain the errors of commission and give two examples with measures to rectify them.Answer:Errors of commission refer to those errors that are committed when transactions are recorded with wrong amounts, wrong balancing is done, wrong posting and/or wrong carrying forwarded is done. The following examples will illustrate the process of understanding and rectification of such errors.
Question 1.What is meant by the rectification of errors?Answer:Correction of errors in the books of accounts is not done by erasing, rewriting, or striking the figures which are incorrect. Correcting the errors that have occured is called Rectification.
Question 3.What do you mean by errors?Answer:Errors mean recording or classifying or summarising the accounting transactions wrongly or omissions to record them by a clerk or an accountant unintentionally.
Question 6.If suspense account does not balance off even after rectification of errors it implies that:(a) there are some one sided errors only in the books yet to be located.(b) there are no more errors yet to be located.(c) there are some two sided errors only yet to be located.(d) there may be both one sided errors and two sided errors yet to be located. 2ff7e9595c
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