Accounting Errors revision sheet - AQA AS Accounts revision sheet/notes

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  • Created by: Darren
  • Created on: 04-06-14 11:49
Preview of Accounting Errors revision sheet - AQA AS Accounts revision sheet/notes

First 156 words of the document:

amount is posted to correct class of account but to the
Comission wrong account
· both sides of the transaction have been completely
Omission omitted from the records
Principle · amount posted to the wrong class of account
Compensating · debit and credit errors cancel each other out
· error was made in the book of origional entry - right from
Origional entry the start
· account that should have been debited is credited and
Reversal vice versa
· where the figures of an amount are transposed (39
Transposition instead of 93)
· error in addition in trial balance or in general ledger
Addition account
· one side of a transaction is posted to the wrong side
Posting of an acocunt
Partial omission · one side of the transaction is not posted
· where the debit side of the transaction does not
Unequal posting equal the credit side

Comments

BvBclub

This was incredibly useful! Thanks so much!

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