137317
Descrição
Mapa Mental por hannahsophie.austin, atualizado more than 1 year ago
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Criado por hannahsophie.austin
aproximadamente 11 anos atrás
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Trial Balance & Errors
- TRIAL BALANCE:
- Is a summary of all the balances from the individual accounts in
the ledgers. It acts as an arithmetical check on accuracy of the
double-entry bookkeeping system, ensuring that accounting entries
are error-free prior to the compilation of the final accounts.
- Is a summary of all the balances from the individual accounts in
the ledgers. It acts as an arithmetical check on accuracy of the
double-entry bookkeeping system, ensuring that accounting entries
are error-free prior to the compilation of the final accounts.
- Error of Commission:
- Occurs when one or both double entries are
made in the correct classification of account
but entered under the wrong name.
- For Example: £100 - P.Smith
instead of £100 - B.Smith
- For Example: £100 - P.Smith
instead of £100 - B.Smith
- Occurs when one or both double entries are
made in the correct classification of account
but entered under the wrong name.
- Error of Omission:
- Occurs when both double entries for
a transaction have been left out from
the book of accounts.
- Transaction has not been records anywhere.
- Transaction has not been records anywhere.
- Occurs when both double entries for
a transaction have been left out from
the book of accounts.
- Error of Principle:
- Occurs when one or both of the double
entries are made in the wrong classification
of account.
- Occurs when one or both of the double
entries are made in the wrong classification
of account.
- Compensating Error:
- Where two or more opposing errors act to
cancel each other out.
- Where two or more opposing errors act to
cancel each other out.
- Error of Original Entry:
- Where the double entry for a transaction have
been recorded under the correct name but
with the wrong amount.
- Where the double entry for a transaction have
been recorded under the correct name but
with the wrong amount.
- Error of Reversal:
- The entries have been made
on the wrong side of
accounts.
- has been put in the correct account but
has been recorded as a debit instead of a
credit.
- has been put in the correct account but
has been recorded as a debit instead of a
credit.
- The entries have been made
on the wrong side of
accounts.
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