Question

An error counter balanced by another error counter is known as ?

Answer 1

Heyya!

COUNTERBALANCING ERROR – error is not detected, automatically counterbalanced or  corrected in the following accounting period.

INCLUDES:

    1. Mistatement of inventories

   2. Prepaid expenses

    3. Accrued Expenses

    4. Deffered Income

    5. Accrued Income

hope this helps!