Errors Not Revealed By Trial Balance Flashcards
1
Q
Error of omission
A
No entries in the accounts at all
2
Q
Reversal of entries
A
Right amount, right account, wrong side.
3
Q
Mispost / error of commission
A
Right amount, right sides, wrong account (misspelling name of receivable/payable)
4
Q
Error of principle
A
Right amount, right sides, wrong TYPE of account
5
Q
Error of original entry
A
Right accounts, right sides, wrong amount.
E.g. 25 when it should be 52.
6
Q
Compensating error
A
Two similar errors cancel each other out so the trial Balance still balances.
