Topic 16

Question 1

Undercast

Answer 1

debit & credit entries are both equal

Question 2

error of commision

Answer 2

recorded in wrong account

Question 3

error of omission

Answer 3

transaction is completely omitted

Question 4

extraction error

Answer 4

when a balance on a particular account is not listed correctly on the trial balance

Question 5

error of principle

Answer 5

break the accounting entry rules

Question 6

error of original entry

Answer 6

equal debit & credit were recorded for the wrong amount