Question

Answer in one sentence only :-

What do you mean by two sided errors?

Answer 1

The errors that do not affect the agreement of the Trial Balance and affect two accounts simultaneously are known as two-sided errors. Such errors may include the following types of errors:-

1. Omission in passing an entry in the books of the original entry
2. Wrong recording of a transaction in books of accounts
3. Posting to the wrong account
4. Errors of principle