Chapter 6: The Trial Balance

Cards (14)

Posting Error 
This is where two debit and credit has been made
Unequal Entry 
This is where debit and credit entries where made for different amounts
Partial Omission 
Only one entry has been made
Addition Error 
Adding up an account or trial balance incorrectly
Transportation Error 
Figures from the account is transferred incorrectly to the trial balance
Commission 
an entry has been made in the wrong person's account
Reversal 
the debt and credit entry has been done the wrong way round
Original Entry 
entry made on the correct side of the correct account but the wrong amount
Principle 
when an entry has been made into an account of the wrong classification
Omission 
a transaction has been completely missed from the accounts
Compensating error 
two or more errors made that cancels each other out
In the trial balance, what are the 5 things that are on the credit side?
Bank Overdraft
Mortgage
Sales
Capital
Trade Payables
Return Outwards
What's the acronym name for errors that can be detected by the trial balance?
PUPAT
What's the acronym name for errors that can not be detected by the trial balance?
CROPOC