Hi everyone,
I wish to ask about types of accounting errors in brief. If anybody is having any clue regarding this, then please explain it in reply.
Thank you in advance.
An error in accounting is a non-fraudulent error in financial documentation. The word is useful in reporting.
Different types of accounting errors involve:
• The Error of omission — a transaction whose recoding is not available.
• The Error of commission — a transaction whose calculation is not correct.
• The Error of principle –one which is not according to the accepted accounting principles.
