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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
A transaction not recorded at all is known as an error of ______.
What is meant by the error of principle?
State the account/s affected in the following error:
The total of purchases book ₹ 4,500 was posted twice.
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?
An error that results from wrong posting, totalling, or balancing in the books is called:
Which statement best summarizes the key differences between one-sided and two-sided accounting errors?
