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Gigamedia Accounting Error

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IT Management Business terms accounting error Definition accounting error Facebook types of accounting errors Like Tweet Google +1 LinkedIn Email Comment RSS Print A AA AAA accounting errors and corrections Part of the Business terms glossary: What is an accounting error? An accounting error is a non-fraudulent discrepancy accounting errors pdf in financial documentation. The term is used in financial reporting. Types of accounting errors include: Error of omission -- a transaction that is not recorded. Error of commission -- accounting errors that affect the trial balance a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added. Error of principle -- a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category. If a

Error Of Principle

company discovers that an accounting error significantly affected a previous report, it usually issues a restatement of the original release. Learn More About IT: > Linda Tucci explains 'How the SEC's proposed IFRS will affect your accounting systems.'> John W. Day provides a guide to identifying and correcting accounting errors.>A.C. Sondhi & Scott A.Taub co-authored 'Revenue Processes at Risk for Compliance Failures and Restatements.'

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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 to falsify the bookkeeping entries.

Error Of Omission

An accounting error can cause the trial balance not to balance, which is common accounting errors easier to spot, or the error can be such that the trial balance will still balance due to compensating bookkeeping error of original entry 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 a one sided entry in the accounting records http://whatis.techtarget.com/definition/accounting-error 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 a difference of 1,200 as shown below. Suspense Accounts - Trial Balance Difference http://www.double-entry-bookkeeping.com/bookkeeping-basics/accounting-errors/ 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 account, the correcting entry would be as follows: Accounting Errors - Error of Principle in Accounting Example Account Debit Credit Sundry expenses 1,000 Sales 1,000 E

(GIGM) View: Annual Data | http://www.hotstocked.com/companies/g/gigamedia-limited-GIGM-cash-flow-1026.html Quarterly Data Cash Flow for GigaMedia Limited Net Income Net Income Operating Activities, Cash Flows Provided By or Used In Depreciation Adjustments To Net Income Changes In Accounts Receivables Changes In Liabilities Changes In Inventories Changes In Other Operating Activities Total Cash Flow From Operating accounting error Activities Investing Activities, Cash Flows Provided By or Used In Capital Expenditures Investments Other Cash flows from Investing Activities Total Cash Flows From Investing Activities Financing Activities, Cash Flows Provided By or Used In Dividends Paid Sale Purchase of Stock Net Borrowings Other Cash Flows gigamedia accounting error from Financing Activities Total Cash Flows From Financing Activities Effect Of Exchange Rate Changes Change In Cash and Cash Equivalents More Summary Research Report Description Charts News Balance Sheet Income Statement Cash Flow Statement Insiders SEC Filings Analyst Recommendation Earnings Report Historical Prices Recent Material Events Message Board HYPE REPORT Top 20 Most Heavily Promoted Penny Stocks For October 2016 Pink Sheets OTC BB BROWSE COMPANIES A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 0 1 2 3 4 5 6 7 8 9 © 2007 - 2016 HotStocked.com - All rights reserved. Message boards | Newsletters | Latest Comments | About us | Affiliate AIM London Stock Exchange | Canadian stocks | Chinese stocks

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