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Accounting Types of Business Organizations Sole Trader Partnership Co-Operative Society Corporations NonProfit Financial Statements The accounting error correction Accounting Cycle Accounting Concepts and Conventions Accounting Processes Accounting types of accounting errors Softwares Quiz Balance Sheet Assets, Liabilities & Capital Definition & Purpose of Balance Sheet Balance

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Sheet Equation Balance Sheet Headings Arrangement of Assets and Liabilities Effect of Transactions on the Balance Sheet Quiz Books of Original Entry Uses

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of Books of Original Entry Cash & Credit Transactions Source Documents Recording Transactions from Source Documents General Journal Sales Journal Purchases Journal Returns Inwards Journal Returns Outwards Journal Cashbook Petty Cashbook Quiz Ledgers and the Trial Balance The Accounting Equation Classification of Accounts Accounts Rules for Double error in accounting interface billing sap Entry Asset of Stock Expense and Revenue Accounts Capital and Revenue Expenditure Basic Double Entry Balancing of Accounts The Trial Balance Quiz Preparation and Analysis of Financial Statements Financial Statements The Valuation of Stock The Trading and Profit and Loss Account The Balance Sheet Accounting Ratios Mark-Up and Margin Ratios Stock Turn Ratio Gross Profit & Net Profit as a percentage of sales Ratios Liquidity,Current & Acid Test Ratios Return on Capital employed (ROCE) Illustration of a Basic Financial Analysis of a Business Quiz End of Period Adjustments Expenses and Revenues Accruals and Prepayments in the Balance Sheet Distinction between Bad Debts and Doubtful Debts Provision for Depreciation Quiz Control Systems The Need for Control Systems Types of Accounting Errors Suspense Accounts The Effect of Accounting Errors on Final Accounts Control Accounts Sales Ledger Control Accounts and Purchases Ledger Contr

errors can occur in double entry bookkeeping for a number of reasons. Accounting errors are not the same as fraud, errors happen unintentionally, whereas fraud is a deliberate and intentional attempt

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to falsify the bookkeeping entries. An accounting error can cause the trial balance accounting errors pdf not to balance, which is easier to spot, or the error can be such that the trial balance will accounting errors that affect the trial balance still balance due to compensating bookkeeping entries, which is more difficult to identify. Accounting Errors that Affect the Trial Balance Errors that affect the trial balance are usually a result of http://wizznotes.com/accounts/control-systems/types-of-accounting-errors a one sided entry in the accounting records or an incorrect addition. As a temporary measure, to balance the trial balance. the difference in the trial balance is allocated to a suspense account, and a suspense account reconciliation is carried out at a later stage. For example, suppose the trial balance showed total debits of 84,600 but total credits of 83,400 leaving http://www.double-entry-bookkeeping.com/bookkeeping-basics/accounting-errors/ a difference of 1,200 as shown below. Suspense Accounts - Trial Balance Difference Account Debit Credit Trial Balance Totals 84,600 83,400 Difference 1,200 Total 84,600 84,600 To make the trial balance balance a single entry is posted to the accounting ledgers in a suspense account. Suspense Account Posting Account Debit Credit Suspense account 1,200 When the accounting error is identified a correcting entry is made. Suppose the difference was an addition error on the rent account, then the correcting entry would be as follows: Suspense Account Reconciliation Posting Account Debit Credit Suspense account 1,200 Rent 1,200 Errors Which do not Affect the Trial Balance Accounting errors that do not affect the trial balance fall into one of six categories as follows: Error of Principle in Accounting Errors of Omission in Accounting Error of Commission Compensating Error Error of Original Entry Complete Reversal of Entries Error of Principle in Accounting An error of principle in accounting occurs when the bookkeeping entry is made to the wrong type of account. For example, if a 1,000 sale is credited to the sundry expenses account instead of the sales acco

can be of the following types: 1. Clerical Errors 2. Errors Of Principe 1. Clerical Errors The errors which are committed by accounting clerks are called clerical errors. These errors are committed in the process of recording financial transactions. These take place due to the carelessness of http://accountlearning.blogspot.com/2010/07/types-of-accounting-errors-based-on.html the clerk responsible for recording financial transactions. Clerical errors are also called technical errors. The principal types of clerical errors are as follows: a) Errors Of Omission The errors committed by not recording a transaction either in the book of original entry or in the ledger book are errors of omission. Such an omission may be either complete or partial. Complete Omission Complete omission takes place if a transaction is not recorded in the journal at all. for example, goods sold accounting error to John for $ 10,000 were not recorded in the sales book at all. A complete omission of transaction may occur due to many reasons such as sales invoice misplaced or lost. Partial Omission Partial omission occurs if a financial transaction is recorded only partially. For example, partial error of omission occurs if goods sold to John for $ 4000 is recorded in sales book but failed to be posted in John's account. b) Errors Of Commission The errors which are committed error in accounting while recording or posting a transaction are called errors of commission. Errors of commission may take place either in the journal or in the subsidiary books, or in the ledger. Such errors include posting wrong amounts, posting on wrong side of accounts, wrong totaling or carrying forward, and wrong balancing. For example, if purchase of goods for $ 10,000 is entered as $ 1000 in the journal or in the ledger, such error is called errors of commission. c) Compensating Errors Compensating errors refer to two or more errors which mutually compensate the effects of one another. If one error balances the effect of another error, then the two error are called compensating errors. For example, goods sold for $ 5000, but wrongly posted to the customer's account as $ 500. Similarly, goods purchased for $ 5000, but by chance, wrongly posted to the supplier's account as $ 500 . The errors in the personal account are compensated by each other, as $ 4500 short on the debit side of the customer's account and on the credit side of the supplier's account. d) Errors Of Duplication Errors of duplication are those errors which arise because of double recording. Double posting of a transaction from journal or subsidiary books to ledger also create such errors. For example, goods sold to John, but this transaction is wrongly entered twice or more in the sales book or wrongly posted twice or more in John's accou

 

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