Flashcards in Control accounts, Errors, and Suspense accounts Deck (10):
Receivables Control Account
A nominal ledger account in which records are kept of transactions involving all receivables in total.
Payables Control Account
A nominal ledger in which records are kept of transactions involving all payables in total.
Cheques paid OUT by the business and not yet presented to the bank
Cheques paid IN to the business, which have not yet been entered into the bank
When two digits are recorded the wrong way round
Error of omission
Failing to record one or both sides of a transaction
Error of principle
Making a correctly valued double entry into the conceptually incorrect accounts
Error of commission
Entering an incorrect value into the correct account
Errors which are equal and opposite to one another