a.) Error of omissions
No record/ entry of transaction is made in the ledger accounts
b.) Error of commission
A transaction is recorded in the wrong account but of the same class with the correct account in which the entry should have been made (NB: Accept an illustration as explanation)
c.) Error of principle
A transaction is recorded in the wrong account and also of the wrong class from that in which the entry should have been made (NB accept an illustration as explanation)
d.) Error of compensation
The effect of the error in the different accounts is such that it cancels out the other. (NB Accept on illustration as explanation)
e.) Error of complete reversal of entries
Where an account to be debited is credited and the one to be credited is debited
f.) Error of original entry
Where transposed figures of the correct amount are entered as debit and credit entries in the correct accounts.
sharon kalunda answered the question on February 23, 2019 at 09:03
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