Errors Error of Omission Error of Commission Error of principle Compensating Errors was made Transaction is...

Transcribed Image Text:

Errors Error of Omission Error of Commission Error of principle Compensating Errors was made Transaction is totally omitted Wrong account Wrong class of account Complete reversal of Entries Cancelled out the other error that Is where the accounts are debited or credited in incorrect order Errors of original Entry Error of transposition wrong order The original figure is incorrect The figure are written in the 1. The purchase of a machine on credit from L.Pyle for $4,390 had been completely omitted from our books 2. A sales of $221 to E. Fitzwilliam had been entered in the books, both debit and credit as $212 3. Commissions received $257 had been entered in error in the sales account 4. A cheque of $189 paid for advertisements had been entered as a debit in the bank account and a credit in the advertising account. 5. The purchase of a motor van $3,800 had been entered in error in the motor expenses account 6. A sale of goods $678 to J. Harris had been entered in J. Hart's account Errors Error of Omission Error of Commission Error of principle Compensating Errors was made Transaction is totally omitted Wrong account Wrong class of account Complete reversal of Entries Cancelled out the other error that Is where the accounts are debited or credited in incorrect order Errors of original Entry Error of transposition wrong order The original figure is incorrect The figure are written in the 1. The purchase of a machine on credit from L.Pyle for $4,390 had been completely omitted from our books 2. A sales of $221 to E. Fitzwilliam had been entered in the books, both debit and credit as $212 3. Commissions received $257 had been entered in error in the sales account 4. A cheque of $189 paid for advertisements had been entered as a debit in the bank account and a credit in the advertising account. 5. The purchase of a motor van $3,800 had been entered in error in the motor expenses account 6. A sale of goods $678 to J. Harris had been entered in J. Hart's account

Answer rating: 100% (QA)

The list you provided covers various types of accounting errors Lets break them down Types of Errors ... View the full answer