a.) Error of omissions
No record/ entry of transaction is made in the ledger accounts
b.) Error of commission
A transaction is recorded in the wrong account but of the same class with the correct account in which the entry should have been made (NB: Accept an illustration as explanation)
c.) Error of principle
A transaction is recorded in the wrong account and also of the wrong class from that in which the entry should have been made (NB accept an illustration as explanation)
d.) Error of compensation
The effect of the error in the different accounts is such that it cancels out the other. (NB Accept on illustration as explanation)
e.) Error of complete reversal of entries
Where an account to be debited is credited and the one to be credited is debited
f.) Error of original entry
Where transposed figures of the correct amount are entered as debit and credit entries in the correct accounts.
sharon kalunda answered the question on February 23, 2019 at 09:03
-
Define a trial balance.
(Solved)
Define a trial balance.
Date posted:
February 23, 2019
.
Answers (1)
-
The following table contains information relating to a business A, B, C, and D. Determine the figures represented by W, X and Y.
(Solved)
The following table contains information relating to a business A, B, C, and D. Determine the figures represented by W, X and Y.
Date posted:
February 23, 2019
.
Answers (1)
-
State FIVE characteristics of a liability.
(Solved)
State FIVE characteristics of a liability.
Date posted:
February 23, 2019
.
Answers (1)
-
Define Liabilities.
(Solved)
Define Liabilities.
Date posted:
February 23, 2019
.
Answers (1)
-
What are the current assets?
(Solved)
What are the current assets?
Date posted:
February 22, 2019
.
Answers (1)
-
Explain what is meant by the term fixed assets.
(Solved)
Explain what is meant by the term fixed assets.
Date posted:
February 22, 2019
.
Answers (1)
-
State and explain Types of exchange rates.
(Solved)
state and explain Types of exchange rates.
Date posted:
February 22, 2019
.
Answers (1)
-
List and explain methods of trade restriction
(Solved)
List and explain methods of trade restriction.
Date posted:
February 22, 2019
.
Answers (1)
-
List the international financial institutions and describe their functions/objectives
(Solved)
List the international financial institutions and describe their functions/objectives.
Date posted:
February 20, 2019
.
Answers (1)
-
In the spaces provided, indicate with a (x) whether each of the following transactions will increase, decrease or have no effect in the balance sheet.
(Solved)
Date posted:
February 19, 2019
.
Answers (1)
-
List the documents used in international trade,giving the meaning and the purpose/importance of each.
(Solved)
List the documents used in international trade,giving the meaning and the purpose/importance of each.
Date posted:
February 19, 2019
.
Answers (1)
-
State and explain the common terms of sale in international trade.
(Solved)
State and explain the common terms of sale in international trade.
Date posted:
February 19, 2019
.
Answers (1)
-
What is meant by the term terms of sale in international trade?
(Solved)
What is meant by the term terms of sale in international trade?
Date posted:
February 19, 2019
.
Answers (1)
-
Explain how devaluation helps in correcting the balance of payments disequilibrium?.
(Solved)
Explain how devaluation helps in correcting the balance of payments disequilibrium?.
Date posted:
February 19, 2019
.
Answers (1)
-
How does encouraging foreign investors into the country help in correcting the balance of payments disequilibrium?.
(Solved)
How does encouraging foreign investors into the country help in correcting the balance of payments disequilibrium?.
Date posted:
February 19, 2019
.
Answers (1)
-
List FOUR measures which can be taken to correct balance of payment disequilibrium.
(Solved)
List FOUR measures which can be taken to correct balance of payment disequilibrium.
Date posted:
February 19, 2019
.
Answers (1)
-
State and explain the Causes of Balance of payments Disequilibrium.
(Solved)
State and explain the Causes of Balance of payments Disequilibrium.
Date posted:
February 19, 2019
.
Answers (1)
-
When does the balance of payment disequilibrium occur?
(Solved)
When does the balance of payment disequilibrium occur?
Date posted:
February 19, 2019
.
Answers (1)
-
List and explain the three major components of the balance of payment accounts.
(Solved)
List and explain the three major components of the balance of payment accounts.
Date posted:
February 19, 2019
.
Answers (1)
-
Name three instances where transaction may arise.
(Solved)
Name three instances where transaction may arise.
Date posted:
February 19, 2019
.
Answers (1)