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What are the errors and the types of errors?
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Answer Posted / srinivas annavarapu
Errors are the mistakes done in posting entries or balances
without understanding the principles or the purpose or most
of the times by hurry / negligence.
Mainly there are two types of errors
1. Errors of Principles
If a transaction is recorded against the fundamentals
of accounting
Ex: Revenue expenditure booked under Capital expenditure
2. Clerical errors
these can be
a) Errors of omission: A transaction is partially /
wholly not recorded in the books of accounts
b) Errors of commission : when an amount recorded
wrongly in to books of accounts Ex: Rs.510 paid
towards salary is recorded as Rs.150
c) Compensating errors: Sometimes an error is counter-
balanced by another error in such a way that it is
not disclosed by the trial balance. Such errors are
called compensating errors.
| Is This Answer Correct ? | 32 Yes | 5 No |
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