Home › Subjects › O-Level Principles of Accounts › Correcting errors
O-Level Correcting errors
What the O-Level syllabus expects for Correcting errors, and how to practise it.
What the syllabus expects
- Explain how errors that a Trial Balance won't reveal come about
Scope: Errors detected by a Trial Balance are excluded - Write the journal entries that put errors right
- Work out how errors affect the period's profit/loss and the items in the Statement of Financial Position
Scope: One financial period only - Work out how correcting errors affects the period's profit/loss and the items in the Statement of Financial Position
- Draw up a corrected Trial Balance once errors are fixed
- Draw up a statement of adjusted profits after errors are corrected
- Draw up a corrected Statement of Financial Position, or a portion of it, after errors are fixed
More O-Level Principles of Accounts topics
Roles of accounting and of accountants · Stakeholders and what they need in order to decide · Judging profitability · Judging liquidity · Judging efficiency of inventory and trade receivables management · Kinds of business · all of O-Level Principles of Accounts