A suspense account is used not to correct errors only but for other reasons. The account is naturally kept by...
Accounting errors
Errors are simply mistakes in accounting. This is as a result of human errors or system failures. When errors occur,...
In a series of articles, I have discussed errors that will not affect trial balance. Here, let's examine errors that...
Another type of mistake in accounting you need to know is error of omission. As the name implies, the transactions...
Every error is unique on their own accord. The same is true for compensating mistakes. However, this is the most...
In the last few articles under this category, different types of errors have been explained. Mistakes have their kinds. Therefore,...
As explained earlier, certain errors in accounting may not affect the trial balance. When such errors arise, it is necessary...
In the previous article, error of principle was explained. This article takes a look at another error which might occur...
Certain errors won't affect trial balance. This means that a trial balance will have the same balance, in terms of...
Humans are prone to errors. Therefore, when posting to a Ledger, Journal books or an accounting software care must be...
