Errors

Question 1

Errors: Definition

Answer 1

In accounting and auditing, errors refer to unintentional mistakes or omissions in financial records, transactions, or statements. Errors acn occur due to carelessness, lack of knowledge, or misunderstandings of accounting principles.

Question 2

Types of Errors

Answer 2

1. Errors of Omission
2. Errors of Commission
3. Compensating Errors
4. Errors of principle
5. Clerical Errors
6. Errors of Duplication
7. Errors of Original Entry
8. Errors of Timing