Flashcards in TV Errors Deck (6)
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1
What is an Error of Omission?
Transaction completely omitted. No credit or debit entry.
2
What is an Error of Principle?
When the wrong type of account is used.
E.g. An expense is recorded as an asset or a liability recorded as a sale.
3
What is an Error of commission?
When an entry is made on the wrong account.
4
What is an Error of original entry?
The wrong figure is used, so both debit and credit will show the same wrong figure.
5
What is an Error of Reversal of entries?
The wrong side of the account has been used e.g. Debit entry for sales and credit entry in the bank.
6
