Rectification of accounting errors
[Explanations]
Learning objectives:
- What is an accounting error, and what are the different types of accounting errors?
- What is the difference between single-sided and double-sided accounting errors?
- What errors can and cannot be detected by preparing a trial balance?
- How can accounting errors be corrected or rectified?
- How can these errors impact the accounting records and its reliability in a business if not corrected in a timely manner?
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