What are the types of accounting errors?

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Solution

The types of accounting errors are:

The error of entry reversal.

Data entry errors.

The error of principle.

The error of omission.

The error of duplication.

The error of commission.

Compensating error.

The error of transposition.

Also see:

Also see:

Accounting MCQs

MCQs on Management Accounting

Types of Errors in Accounting

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Similar questions

What are the different types of errors that are usually committed in recording business transaction?

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

Q. Answer the question.
Explain the different types of errors in the Accounting process?

To rectify what type of error is suspense account used ?

What are the different types of errors that are usually committed in recording business transactions?

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