Correction of Errors and the Suspense Account | Explained with Examples

In this accounting lesson, we go through the suspense account and the correction of errors. We explain the different types of errors and show how to know which errors affect the suspense account and which ones do not.

00:48 - Suspense Account Explained
02:17 - When to open a Suspense Account
05:27 - Types of errors not disclosed by the trial balance
05:59 - Error of omission explained
09:23 - Error of commission explained
09:51 - Error of principle explained
19:51 - Error of original entry
23:42 - Compensating error
26:16 - Complete reversal error
32:51 - Types of errors disclosed by the trial balance
33:32 - Error of part omission

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