WHEN I TRIED FOLLOWING THE PROCEDURES OF INSERTING IMAGES ON EXACT FORMS IT IS SHOWING ME AN ERROR.

Looking at the procedure for this it says:

Note: If Microsoft Word displays a Convert File dialog box or another error, the link didn't work. The link usually fails because Word can't access the graphic file. Make sure that you've granted Everyone on the Internet access to the application where the image is stored.

Did you ensure that where the file is stored is open to EOTI? There are 2 different ways to add images though so I'm not sure if that was what you were following.

https://help.quickbase.com/user-assistance/creating_exact_forms_tips.html#images