Errors and the trial balance

Question 1

What is error of comission?

Answer 1

Wrong account of the same type. Expenditure but wrong account within expenditure.

Question 2

Error of principle?

Answer 2

Wrong type of account, asset account being used instead of liability.

Question 3

name Errors that dont lead to an imbalance

Answer 3

Error of comission
Error of Principle
Error of omission
Error of original entry
Reversal of entries - debits and credits switched.

Question 4

Name errors which lead to an imbalance

Answer 4

Single entry
Two debits/two credits
Unequal amounts
Calculation
Balance transfer

Question 5

When dealing with suspense accounts, if the action has been reversed what should you do?

Answer 5

Same debit and credits twice.

Question 6

what is error of original entry

Answer 6

An entry has been made so debits = credits but the amount is incorrect

Question 7

What is error or reversal entries

Answer 7

Debits and credits wrong way

Question 8

what is a compensating error

Answer 8

where two errors are made which cancel each other out, errors unrelated

Question 9

how to know whether to debit or credit the suspense account?

Answer 9

Opposite of the original entry