Give one Word/Term or Phrase for each of the following statements.
An entry passed to cancel wrong effects given and give correct effect to accounts affected.

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Solution

Rectification entries
Those entries that are passed to cancel the incorrect effects of a given entry and to give the correct effect to accounts affected are known as rectification entries. Rectification entries are passed to rectify the errors committed at the time of recording or posting entries.

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Similar questions

Give one word/term on phrase for each of the following statements.

1) Errors of incorrect entries or wrong posting.
2) Account to which difference in trial balance is transferred.
3) Errors which are committed by clerks.
4) Transaction remained to be recorded at all in the books of accounts.
5) Error in which the effect of one mistake is nullified by another mistake.
6) An entry passed to cancel wrong effects given and give correct effects to accounts affected.
7) Errors of calculation.
8) Error which affects the agreement of trial balance.
9) Error which are not disclosed by the trial balance.
10) Taking the Total more while closing books of accounts

Q. Give one Word/Term or Phrase for each of the following statements.
Errors of incorrect entries or wrong posting.

Q. Give one Word/Term or Phrase for each of the following statements.
Passing an entry in the books of original entry.

Q. Give one word, term or phrase which can substitute each of following statements:
A statement prepared to provide the base for preparing the final accounts.

Q. Give one word/term or phrase for each of the following statements.

Debit balance of Trading Account.

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Give one Word/Term or Phrase for each of the following statements.An entry passed to cancel wrong effects given and give correct effect to accounts affected.

Rectification entriesThose entries that are passed to cancel the incorrect effects of a given entry and to give the correct effect to accounts affected are known as rectification entries. Rectification entries are passed to rectify the errors committed at the time of recording or posting entries.

Give one Word/Term or Phrase for each of the following statements.
An entry passed to cancel wrong effects given and give correct effect to accounts affected.

Rectification entries
Those entries that are passed to cancel the incorrect effects of a given entry and to give the correct effect to accounts affected are known as rectification entries. Rectification entries are passed to rectify the errors committed at the time of recording or posting entries.