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Principles of Financial Accounting > Correction of Errors > Flashcards

Correction of Errors Flashcards

1
Q

Casting error

A

Incorrect addition

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2
Q

Error of transposition

A

Numbers wrong way round

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3
Q

Extraction error

A

Ledger balance incorrectly recorded on TB

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4
Q

Error of original entry

A

Wrong debit/ credit combination used

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5
Q

Error of omission

A

Transaction completely missing

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6
Q

Error of comission

A

Transaction posted to wrong account eg wrong expense

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7
Q

Error of principle

A

Wrong financial statement

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8
Q

Compensating errors

A

Two errors made on debit and credit side that cancel each other out

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Principles of Financial Accounting (6 decks)

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