CORRECTION OF ERROR Flashcards
What type of error occurs when an account is under-casted or over-casted?
a) Balancing error
b) Casting error
c) Error of principle
d) Error of commission
b) Casting error
Which error happens when the opening balance is not brought down or is brought down on the wrong side or with the wrong amount?
a) Posting error
b) Extraction error
c) Balancing error
d) Error of original entry
Balancing error
If a ledger balance is omitted or placed in the trial balance on the wrong side or with an incorrect amount, it is classified as:
a) Error of omission
b) Compensating error
c) Extraction error
d) Complete reversal of entries
Extraction error
Which error occurs when a transaction is posted with an incorrect amount or to the wrong side of an account?
a) Posting error
b) Casting error
c) Error of omission
d) Compensating error
Posting error
When a debit entry is made but the corresponding credit entry is missing, the error is called:
a) Error of omission
b) Error of part omission
c) Error of commission
d) Compensating error
Error of part omission
What is the term for errors where debit and credit entries are made but at different amounts?
a) Error of principle
b) Different amounts error
c) Casting error
d) Error of commission
Different amounts error
An error where the correct amount is posted to the correct account but on the wrong side is called:
a) Error of principle
b) Complete reversal of entries
c) Compensating error
d) Error of original entry
Complete reversal of entries
What type of error occurs when the correct amount is entered, but the wrong account is used?
a) Error of commission
b) Error of principle
c) Error of original entry
d) Compensating error
Error of commission
If the correct amount is entered, but the transaction is posted to the wrong type of account, the error is termed as:
a) Error of omission
b) Error of principle
c) Error of commission
d) Error of original entry
Error of principle
Errors that cancel each other out in the trial balance are known as:
a) Compensating errors
b) Error of part omission
c) Error of original entry
d) Balancing error
Compensating errors
What is the error called when the correct amount is entered in the correct accounts but on the wrong sides?
a) Compensating error
b) Error of original entry
c) Complete reversal of entries
d) Different amounts error
Complete reversal of entries
An error where the correct accounts are used, but the wrong amount is entered on both sides is classified as:
a) Error of omission
b) Error of original entry
c) Posting error
d) Error of part omission
Error of original entry
Which of the following errors will NOT affect the trial balance?
a) Error of omission
b) Error of commission
c) Compensating errors
d) All of the above
All of the above
What error occurs when two or more errors balance each other out?
a) Compensating errors
b) Complete reversal of entries
c) Casting error
d) Posting error
Compensating errors
Which of the following errors affects only one side of the trial balance?
a) Posting error
b) Error of part omission
c) Different amounts error
d) Error of principle
Error of part omission
