The Certified Bookkeeper exam includes all of the parts below except: a. Business Law. b. Adjustments and
Question:
The Certified Bookkeeper exam includes all of the parts below except:
a. Business Law.
b. Adjustments and Error Corrections.
c. Inventory.
d. Payroll and Depreciation.
Step by Step Answer:
Assets are the items your company owns that can provide future ...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Related Video
Rectification of errors refers to the process of correcting mistakes or errors in accounting records to ensure that they accurately reflect the financial position of a business. There are several types of errors that can occur in accounting records, including errors of omission, errors of commission, errors of principle, compensating errors, errors of original entry, and errors of reversal. The process of rectifying errors involves identifying the error, determining the correct entry, and making the necessary adjustments to the books of accounts. The rectification of errors can be done by making journal entries, adjusting entries, or by creating a suspense account to temporarily hold the difference until the error is identified and corrected. The steps are; locate the error, determine the type of error, make the necessary corrections, and recheck the accounts. Rectification of errors is important to ensure the accuracy of financial statements, which are used by stakeholders to make important business decisions. Accurate accounting records are essential for making informed decisions, managing cash flows, and complying with legal and regulatory requirements.
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