Task Sheet #1 Preparing Ledger and Trial Balance based on the PT
Avoid Errors
According Win Ballada (2013),
“Freedom From Errors. No errors or omissions in the description of the phenomenon, and the process used to produce the reported information has been selected and applied no errors in the process. In this context, free from error does not mean perfectly accurate in all respects.”
"ACCOUNTING ERRORS
Errors of Principle. a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category.
Error of Commission. a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added.
Error of Omission. a transaction that is not recorded.”
References:
accounting error. (n.d.). Retrieved from http://whatis.techtarget.com/definition/accounting-error
Ballada, W. (2013). Basic Accounting. DomDane Publishers and Made Easy Books.
9/10 I got that score because only of my error but before that, balancing became quiet hard because I became confused and I forgot some transactions to record. It is because I didn’t put markings to those transactions which I already recorded.
