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1. Which of the following is the most appropriate definition of an error check?
A check that is triggered when a flaw in logic or a prima facie error (e.g. #DIV/0!, #REF!) is detected.
A check that is triggered whenever the Balance Sheet does not balance.
A check that is triggered when a material flaw in logic or a prima facie error (e.g. #DIV/0!, #REF!) is detected.
2. Making error checks count as one when an error is identified and as zero otherwise is known as:
Error check worksheet system
Reporting by exception
3. In the illustration, which of the following formula would be best suited for checking for a balance error (between Net Assets and Total Equity, cells E6 and E11 respectively) in cell E15 (highlighted in red)?
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