Why is rectification of errors needed?

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Rectification of errors is necessary as it will result in the accounts reflecting the correct view of the business and its true financial position.
Also read:
Rectification of Errors
How to Prepare Trial Balance
Income and Expenditure Account Based on Trial Balance
MCQs on Trial Balance

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Similar questions

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

Q. Rectification of errors is necessary to _________.

Q. Which account is generally used for rectification of errors?

Q. When is suspense a/c used in rectification of errors?

For rectification of which of the following errors, suspense account is used?

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Why is rectification of errors needed?

Rectification of errors is necessary as it will result in the accounts reflecting the correct view of the business and its true financial position.Also read:Rectification of ErrorsHow to Prepare Trial BalanceIncome and Expenditure Account Based on Trial BalanceMCQs on Trial Balance

Rectification of errors is necessary as it will result in the accounts reflecting the correct view of the business and its true financial position.
Also read:
Rectification of Errors
How to Prepare Trial Balance
Income and Expenditure Account Based on Trial Balance
MCQs on Trial Balance