Bookkeeping
CORRECTION OF ERRORS
Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.
CORRECTION OF ERRORS
Rectification of Errors
Determine the effect of errors to income statement
Correct errors using suspense account
Prepare Journal Entries to correct errors
Concept of Error
Discuss Types of Errors
Identify Wrong Entries
Explain the meaning of Book keeping error
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