Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
Which type of error cannot be located by a trial balance?
Which type of error cannot be located by a trial balance?
- Errors of original entry
- Errors of principle (correct)
- Errors of omission
- Errors of commission
What type of error involves entering the wrong amount in a transaction?
What type of error involves entering the wrong amount in a transaction?
- Errors of omission
- Errors of commission (correct)
- Errors of original entry
- Errors of principle
Which type of error involves forgetting to record a transaction?
Which type of error involves forgetting to record a transaction?
- Errors of commission
- Errors of omission (correct)
- Errors of original entry
- Errors of principle
Flashcards are hidden until you start studying
Study Notes
Errors in Accounting
- A compensating error cannot be located by a trial balance, as it is a mistake that offsets another mistake, resulting in a correct totals on the trial balance.
Types of Errors
- Error of commission: involves entering the wrong amount in a transaction.
- Error of omission: involves forgetting to record a transaction.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
