How to remedy mistakes / tell idk?

First year analyst here. My VP asked me to help with some taxation work that I was far from being familiar with. Didn't say idk, and of course it didn't end well.

My VP said he'd walk me through the process tmr to teach me. I felt very bad and only said I should have asked him questions because I didn't understand the task. 

I rarely said idk to my supervisors, and sometimes this did cause trouble. Wondering 1) how to remedy mistakes in banking and 2) how to convey that I don't understand the task/issue in banking, assuming it's not basics?

Appreciate any help.

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