Topic 10: Correction of Errors

Question 1

What are the different types of errors?

Answer 1

a) Error of Omission
b) Error of Original Entry
c) Error of Commission
d) Error of principle
e) Complete reversal of entries
f) Compensating errors

Question 2

Note:
When they say “No adjustment has been made for rent prepaid of $1500)

Answer 2

Dr Prepayment 1500
Cr Rent expense (P/L) 1500

Note: The “(P/L)” is not necessary as per ChatGpt