What is meant by a one-sided error? Explain with an example.
Asked by Topperlearning User | 26th Jul, 2016, 01:33: PM
One-sided errors are those errors which affect the agreement of the trial balance. These errors affect only one account and only one side i.e. debit or the credit side of the account. Errors of partial omission, recording transactions with wrong casting and wrong posting are examples of one-sided errors. For example, goods worth of Rs.3,000 purchased for cash, correctly entered in the cash book, but while posting to purchase book, it is entered as Rs.30,000. Thus, the transaction has been recorded wrongly in the purchase book.
Answered by | 26th Jul, 2016, 03:33: PM
- Explain briefly the errors of commission along with example.
- What is meant by errors of principle?
- What is meant by a two-sided error? Explain with an example.
- Explain errors of omission with examples in detail.
- Name the errors which do not affect the trail balance with reasons.
- Name any two types of errors which affect the agreement of trial balance with examples.
- What is meant by compensating error? Explain with an example.
- State the type of errors committed in the below transactions: Sale of old furniture worth Rs.5,000 credited to the sales account A payment of Rs.2,300 for salaries was posted twice to the salaries account Goods returned to Rakesh worth Rs.3,200 were not recorded in the books of accounts Wages paid Rs.6,150 were recorded in the cash book as Rs.6,510
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