Erros Not Disclosed By The Trial Balance Are Called Flashcards
What is an error of omission?
When a financial transaction is completely omitted from accounting records.(left out)
What is error of commission
When a transaction is entered into the wrong persons account, or between other account, eg expenses of non- current assets.
What is error of principle
A transaction entered into the wrong type of account
What is a error of original entry
When the wrong amounts are entered into the accounts
What is the reversal of entries
When debit and credit entries are made on the wrong side of the accounts
What are compensating errors
When two errors cancel each other out
What is the error when a financial transaction is completely omitted from the accounting records
Error of omission
What is the arrow when a transaction is entered to the wrong persons account, or between other accounts
Error of commission
What is the error when the transactions are entered in the wrong type of account
Error of principle
What is the error when the wrong amounts is entered in accounts
Error of original entires
What is the error when debit and credit entries are made on the wrong side of the accounts
Reversal of entires
What is it called when two errors cancel each other out
Compensating errors
