Get Ready to Know Some Errors in Recording into Incorrect Subsidiary Book:
Financial transactions are recorded into the journal initially then they are transferred into a ledger. But there are more than one or two entries to make. In an accounting period, you will find that there are lots of expenses and lots of income that need to be dealt with. When you’ll have to record them while maintaining cash flow this doesn’t seem an easy task. From Errors of recording in incorrect subsidiary books Assignment Help you can see the various types of errors done in subsidiary book. Visit us at 24x7aassignmenthelp.com.
What is an accounting error in subsidiary book?
In a subsidiary book, many entries are done in both debit and credit side. But sometime it is quite difficult to maintain proper order and for this reason, there can be some unintentional mistakes in recording journal entries. From Errors of recording in incorrect subsidiary books Assignment Help provided from us will help you understand the different types of subsidiary or ledger incorrect entries.
The types of accounting errors:
If you divide them into categories then there are basically two specific errors in recording in subsidiary book incorrectly:
- Errors in Principles
- Clerical errors
What are Errors in Principles?
In Errors of recording in incorrect subsidiary books Assignment Help you can get a view that all accounting records maintain regulations and principles by GAAP. So if in any cases those rules are violated or even ignored to an extent then they are considered to be an error in principles. The reason behind them is mistaken classification of either receipt or expenditure that you’ll deal in capital or revenue account.
What are Clerical errors?
By the name, you can understand that it’s a mistake done by clerics or accountant to be exact. There are subdivisions of this type in incorrect entry in subsidiary book:
- Errors of omission: This type of error is to occur when an entry is completely or partially didn’t appear in journal and also when transferred in ledger accounts. You will have to deal with two subcategories as:
- Errors of complete omission
- Errors of partial omission
- Errors of commission: This type of error in subsidiary book occurs when there are wrong posting, casting, and carrying forward or wrong recording to the whole. There are some subcategories as:
- Errors of recoding
- Errors of casting
- Errors of posting
- And errors of carrying forward
- Compensating errors: From Errors of recording in incorrect subsidiary books Homework Help you’ll get to know such errors where two or more wrong entries are made and ultimately trial balance will cut them both off then they are called compensating errors.
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