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प्रश्न
What are compensating errors?
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उत्तर
The errors that make up for each other or neutralize each other are known as compensating errors. These errors may occur in related or unrelated accounts. Thus, excess debit or credit in one account may be compensated by excess credit or debit in some other account. These are also known as offsetting errors.
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संबंधित प्रश्न
What is meant by the error of partial omission?
What is meant by the error of complete omission?
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Why is a suspense account used in correcting accounting errors?
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Which statement best summarizes the key differences between one-sided and two-sided accounting errors?
