Answer / waleed butt

Rectification of errors:-
Every businessman is interested in finding out
the true profit and correct financial position of his
business at the close of the trading period. The effort of
the accountant is to prepare the final accounts in such a
fashion which exhibits true picture of the business.
Accounts are considered to be authentic proof of true
financial position of a concern. But in spite of best
efforts there are certain transactions which are omitted to
be recorded or entered wrongly in the books. Such errors
affect the final accounts. An accountant should, therefore,
try to locate such errors and rectify them before the
preparation of final accounts.


Adjustment entry:-
A book-keeping entry made at the end of an
accounting period to assign income and expenses to a
different period. These entries are made under the accrual
accounting systems in order to correctly reflect the timings
of income and expenditure. Some adjusting entries include
accounts receivable, accounts payable, depreciation and
amortization.

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