Types of errors
- Created by: Yzyl Quintana
- Created on: 04-04-18 23:26
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- Types of errors
- Errors of omission
- Where a transaction is completely omitted from the books
- Errors of commission
- Occurs when the correct amount is entered but in the wrong account
- Errors of principle
- Where an item is entered in the wrong class of account
- Compensating errors
- Where errors cancel each other out
- Errors of original entry
- Where the original figure is incorrect yet double entry is correctly done using the incorrect figures
- Complete reversal of entries
- Where the correct amounts are used but each item is shown on the wrong side of the account
- Transposition of errors
- Where the wrong sequence of the individual characters within a no. was entered
- Errors of omission
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