Errors Flashcards
What are the 2 types of error?
Error causing an imbalance on the trial balance
Errors not revealed by the trail balance
Errors causing an imbalance on the trial balance
Unequal amounts entry error
2D/2C entry error
Entry omission
Balance omission
Balance transfer error
Balance calculation error
Error not revealed by the trial balance
Error of Omission
Error of Original Entry
Error of Commission
Error of Principle
Reversal of Entries
Unequal amounts entry error
One side correct, other side not (69 and 96
2D/2C entry error
both cred or both debit when it should be one of each
Entry omission
only one side of the double entry is made on ledger accounts (e.g d yes, c no)
Balance omission
a balance is omitted from the trial balance completely
Balance transfer error
balance on account is incorrectly transferred to the trial balance
Balance calculation error
a balance on the account is calculated incorrectly
Error of Omission
transaction not recorded at all in double entry system
Error of Original Entry
d and c are same, but both wrong, bc error in orginal recording of transaction
Error of Commission
right amount, wrong account (but right type of account)
Error of Principle
right amount, wrong type of account
Reversal of Entries
right amount and right accounts
one that should be debited is credited and one that should be credited is debited
