Errors quiz

Question 1

Errors of commission

Answer 1

where a correct amount is entered, but in the wrong person’s account.

Question 2

Errors of principle

Answer 2

where an item is entered in the wrong type of account.

EX: non-current asset in an expense account

Question 3

Errors of original entry

Answer 3

where an item is entered, but both debit and credit entries are the same incorrect amount.

Question 4

errors of omission

Answer 4

where a transaction is completely omitted from the books.

Question 5

compensating errors

Answer 5

where 2 errors of equal amounts but on opposite sides of the accounts cancel out each other.

Question 6

complete reversal of entries

Answer 6

where the correct amounts are entered in the correct accounts but each item is shown on the wrong side of each account.