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Accounting > Errors > Flashcards

Errors Flashcards

1
Q

Error of commission

A

Posting to wrong account

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2
Q

Error of omission

A

Balance being left out of the ledgers

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3
Q

Error of principle

A

Error where wrong account is credited/debited

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4
Q

Corresponding error

A

When an error affecting one side of the ledger also effects the other side, an opposite error is made on both sides

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Accounting (2 decks)

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