Six Type Errors of Accounting

When a transaction was recorded in a wrong class of account but still in the correct side, the error is known as?

• Error of Principle

• Error of Omission

• Error of Comission

• Error of Complete Reversal

A credit sale of RM10,000 to Lynda was credited to sales account but wrongly debited in Linda's account (a receivable). This is a/an _____________

• Error of Omission

• Error of Comission

• Error of Principle

• Compensating Error

A receivable account is overstated by RM1,200 and a payable account is also overstated by RM1,200. This is called a/an?

• Error of Complete Reversal

• Error of Original Entry

• Error of Comission

• Compensating Error

Payment for repairs of motor vehicle by cash RM800 was correctly recorded in the cash account but incorrectly recorded in the motor vehicle account. Identify the error:

• Error of Complete Reversal

• Error of Original Entry

• Error of Comission

• Error of Principle

The drawings of goods amounted to RM900 had been recorded as RM960 in the general journal.

The name of this error is __________________

• Error of Original Entry

• Error of Complete Reversal

• Compensating Error

• Error of Omission

"Paid cash RM850 for repair to motor van had been debited to motor van account".

Which of the following is the correcting entry for this error?

• Dr. Repair to motor van

  Cr. Cash

• Dr. Van

  Cr. Repair to motor van

• Dr. Cash

  Cr. Repair to motor van

• Dr. Repair to motor van

  Cr. Van

Purchased of goods from Syarikat Ummah Trading RM2,800 was credited in the Purchase account and debited in the Cash.

The journal entry for the correction of this error is _____________

• Dr. Purchases 2,800

  Cr. Cash 2,800

• Dr. Cash 2,800

  Cr. Purchases 2,800

• Dr. Purchases 5,600

  Cr. Cash 5,600

• Dr. Cash 5,600

  Cr. Purchases 5,600

A cheque counterfoil for rent $680 was entirely overlooked

What is the name of the error?

The correct amount being posted in the wrong account but within the same class of account.

This statement is referred to error of __________________

Two or more errors occur but the result the total cancel out each other.

Identify the name of this error.