correction of errors & suspense accounts Flashcards
1
Q
transposition error
A
ex 259 recorded as 295
2
Q
omission
A
not recording the transaction
3
Q
principle
A
breaking the rules of an accounting principle by the double entry
4
Q
commission
A
putting dr/cr entry in the wrong amount
5
Q
original entry
A
entered an incorrect figure
6
Q
reversal entries
A
the debit had to be as cr and vice versa
7
Q
addition errors
A
incorrect addition
8
Q
compensating error
A
two equal & opposite errors are made so it is not shown on the trail balance
