Errors Flashcards
1
Q
Error of omission
A
valid transaction not posted in the books
2
Q
Error of commission
A
entered in the books in the wrong personal account
3
Q
Error of principle
A
posting made to the wrong type of account
4
Q
Error of complete reversal of entry
A
debited side is credited or vice versa
5
Q
Error of original entry
A
figure entered is incorrect on both side
6
Q
compensation error
A
one mistake on the debit side is canceled out by a similar one on the credit side
7
Q
Sales increase
A
credit
8
Q
Purchases increase
A
debit
9
Q
Expenses decrease
A
credit
10
Q
Revenue increases
A
credit
11
Q
Return inwards decreased
A
credit
12
Q
Return outwards decreases
A
debit
