Flashcards in TV Errors Deck (6)
What is an Error of Omission?
Transaction completely omitted. No credit or debit entry.
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.
What is an Error of commission?
When an entry is made on the wrong account.
What is an Error of original entry?
The wrong figure is used, so both debit and credit will show the same wrong figure.
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.