What are the types of errors in accounting 1?
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Hey mate ✌️✌️
There are four types of Errors in Accounting ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
♏ Error of Omission.
An Error of Omission is an error when a transaction is completely omitted from being recorded in the books of account.
Example ⏩ Purchase of furniture on credit not recorded in purchase book.
♏ Error of commission.
Those errors which arise due to wrong recording, wrong posting, wrong carrying forward, wrong totalling of subsidiary books, wrong balancing.
Example ⏩ Goods of Rs 5000,purchase on credit from Mohan are recorded in purchase book as Rs 15000.
♏ Error of Principle.
When a transaction is recorded in contravention of accounting principle .
Example ⏩Treating the purchase of an assets such as freight.
♏Compensating Error
The effect of which is nullified by another error of equal, amount .
✨ Hope this helps you ✨
There are four types of Errors in Accounting ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
♏ Error of Omission.
An Error of Omission is an error when a transaction is completely omitted from being recorded in the books of account.
Example ⏩ Purchase of furniture on credit not recorded in purchase book.
♏ Error of commission.
Those errors which arise due to wrong recording, wrong posting, wrong carrying forward, wrong totalling of subsidiary books, wrong balancing.
Example ⏩ Goods of Rs 5000,purchase on credit from Mohan are recorded in purchase book as Rs 15000.
♏ Error of Principle.
When a transaction is recorded in contravention of accounting principle .
Example ⏩Treating the purchase of an assets such as freight.
♏Compensating Error
The effect of which is nullified by another error of equal, amount .
✨ Hope this helps you ✨
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