Types of Errors in Accounting.

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Hello, I am an accounting student. I have just started studying accounting. There was a test in my college in which I failed to answer a question on ‘Types of Errors in Accounting.’ It would be helpful if someone explains the types of errors in accounting. Thank You.

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Answered By 40 points N/A #329128

Types of Errors in Accounting.

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There are seven types of errors in accounting. They are as follows:

  • The error of Omission: This error occurs when someone forgets to enter the details about a transaction in the register.
  • The error of Reversal: The error of reversal occurs when a transaction is posted as the credit instead of being posted as a debit.
  • The error of Principle: This is a technical error. This error occurs when someone wrongly applies an accounting principle.
  • The error of Commission: When the right amount is entered at the wrong place, the error of commission occurs.
  • Subsidiary Entry: This error occurs when entering a transaction.
  • Rounding Error: Rounding error occurs while rounding off the amount.
  • Transposition Error: The error occurs when two digits get reversed.
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