Interested to Buy Any Domain ? << Click Here >> for more details...
What is the Difference between Rectification of Errors and
Adjustment Entry ?
- 1 Answers
- 13174 Views
- I also Faced
- E-Mail Answers
Answer / waleed butt
Rectification of errors:-
Every businessman is interested in finding out
the true profit and correct financial position of his
business at the close of the trading period. The effort of
the accountant is to prepare the final accounts in such a
fashion which exhibits true picture of the business.
Accounts are considered to be authentic proof of true
financial position of a concern. But in spite of best
efforts there are certain transactions which are omitted to
be recorded or entered wrongly in the books. Such errors
affect the final accounts. An accountant should, therefore,
try to locate such errors and rectify them before the
preparation of final accounts.
Adjustment entry:-
A book-keeping entry made at the end of an
accounting period to assign income and expenses to a
different period. These entries are made under the accrual
accounting systems in order to correctly reflect the timings
of income and expenditure. Some adjusting entries include
accounts receivable, accounts payable, depreciation and
amortization.
| Is This Answer Correct ? | 9 Yes | 3 No |
Can anybody send me Interview questions & Answers to me IN Accounts & finance my Mail ID - virupaksha_krt@rediffmail.com
expand P P Division ?
how we will prepare n file income tax returns for individuals?explain
define GOODWILL
Expand U L I P
what are the three basic acounting principles.what is account reconcilliation.what is portfolio management
what is the use of memmorandam voucher in tally ?
diff. between accounts & finance
What is Capital Budgeting?
what are the importance accounting entries for AP and AR process in interview..
what is meant by transposition error
what is depreciation ?
Audit 
