Advertisements
Advertisements
प्रश्न
What are compensating errors?
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Errors not affecting the agreement of trial balance are ______.
What is meant by the error of complete omission?
Write a note on the error of principle by giving an example.
Which kind of error happens when both a debit and an equivalent credit mistake occur, effectively cancelling each other out?
If a transaction is completely missed in all books of accounts, which type of error is it?
When a transaction is recorded in one book but not posted to the related account, which type of error does this represent?
Breaking accounting rules and misclassifying accounts is known as which type of error?
Why is a suspense account used in correcting accounting errors?
What is the correct method of rectifying two-sided errors once they are discovered?
An error that results from wrong posting, totalling, or balancing in the books is called:
