Question

Explain the types of accounting errors​

Answer 1

This are the Types of Errors

Answer 2

Answer:

Accounting Errors

There are different types of error in accounting while recording journal entries. It may be intentionally or unintentionally by mistaken therefore audit conduct to pick those errors.

1.Omission Error:

Error occur when in book of records transaction is not recorded. For example company brought raw material but forget to enter in purchase and inventory books,

2.Commission Error:

An error occur when account when by mistake debit entry recorded as credit and vice versa. For example when machinery purchase and recorded as debit account.

3.Principle Error:

It is an error in which accounting entry is not recorded according to GAAP. For example drawing expense recorded in P/L account.

4.Duplication Error:

When entries recorded two times intentionally or unintentionally known as duplicate error. For example depreciation expense recorded two times.