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3 cards from this section. Quick, good the night before a test.
What is an error of omission?
Think about missing transactions.
Describe an error of commission.
What happens if you write down the wrong number?
What is the first step in rectifying a journal entry error?
Think about what should happen before making a new entry.
True or False: An error of commission refers to a transaction being completely omitted.
Remember definitions of each error type!
You discover that ₹1,500 was recorded as ₹15 in the journal. What is the correcting entry? Show your work.
Remember the necessary steps of reversing before recording.
If you realize that a sale transaction of ₹10,000 was recorded in two different accounts, how will you correct this? Demonstrate the entries needed.
Balance the accounts by creating a single accurate representation.
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