CROC-OP Flashcards
(6 cards)
1
Q
error pf omission
A
no double entry for the transaction was made in the ledger
2
Q
error of commission
A
entry made in the wrong personal account,e.g purchase on credit from L smith was recorded In the accounts of P smith
3
Q
error of principle
A
when an entry is made in the wrong account,e.g the purchase of a motor van is recorded as a debit in motor expenses
4
Q
error of original entry
A
a transaction is initially recorded with the incorrect amount
5
Q
error of complete reversal
A
when both entries for a transaction is reversed,e.g payment to R Taylor for £1000,entered debit bank, credit R Taylor
6
Q
compensating error
A
errors are made In the ledger which cancel each other out
