Accounting Errors 0.0 / 5 ? AccountingErrors A2/A-levelAll boards Created by: Alex waterworthCreated on: 21-11-17 17:47 Commission Is where an entry had been made on the correct side of the current classification type but the wrong account 1 of 11 Reversal The correct amount has been put in the correct account but both on the wrong side 2 of 11 Original Entry Is where the entries are recorded on the correct side of the correct account but the same wrong figure is used 3 of 11 Principle An entry has been made on the wrong classification of account but correct side and amount 4 of 11 Omission The transaction has been completely missed from the accounts 5 of 11 Compensating Where two or more errors cancel each other out 6 of 11 Posting Is where two debits or two credits are made in the correct accounts for the correct amounts 7 of 11 Unequal Entry Is where the debit and credits are on the correct sides of the correct accounts but different amounts 8 of 11 Partial Omission Is where only one entry has been made in the correct account for the correct amount but no other entry is made 9 of 11 Addition Is where an account of the trial balance has been added up incorrectly 10 of 11 Transposition Is where the balance of an account is transferred to the trial blanance incorrectly 11 of 11
Comments
No comments have yet been made