what are the main classification of error ?give two examples of each error.
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- Errors are normally classified in three categories: systematic errors, random errors, and blunders. Systematic errors are due to identified causes and can, in principle, be eliminated. Errors of this type result in measured values that are consistently too high or consistently too low
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Errors in accounting are broadly classified into two categories which are as follows: Error of principle & Clerical errors.
Explanation:
Errors in accounting are broadly classified into two categories which are as follows: Error of principle & Clerical errors.
Error of principle :-
A Furniture(Asset) is purchased and is recorded as an expense in the account.
Clerical Errors :-
- Error of Omission
- Error of Commission
- Compensating Errors
Hope this may help You Dear :-)
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