Archive | Rectification of Errors

Here we detail about the four types of errors in preparation of trial balance, i.e., (i) Errors of Omission, (ii) Errors of Commission, (iii) Errors of Principle, and  (iv) Compensating Errors. I. Errors of Omission: Errors of omission may be caused at the time of recording the transactions in the books of original entry or at the time of posting [...]