Errors And Suspense Flashcards
1
Q
Error of Omission
A
it occurs when a transaction is completely committed from the books
2
Q
Error Of Commission
A
it occurs when the correct amount is recorded in the wrong account of the same class
3
Q
Error Of Principle
A
it occurs when the correct amount is entered in the wrong account of the wrong class
4
Q
Compensating Errors
A
it occurs when errors cancel each other out
5
Q
Errors Of Original Entry
A
it occurs when the wrong amount is recorded in the right accounts
6
Q
Error Of Complete Reversal
A
it occurs when the correct amount is recorded in the correct account but in the wrong class
