Correction of Errors- 6 Errors not revealed by a Trial Balance (Part 1 of 4)

Описание к видео Correction of Errors- 6 Errors not revealed by a Trial Balance (Part 1 of 4)

N/O Levels Principles of Accounts

Chapter 14 - Correction of Errors

Introduction (What is this chapter about?)
There are definitely errors in the accounts if the Trial Balance is not balanced. However, a balanced Trial Balance does not mean that there are NO ERRORS. There are accounting errors that could have happened and yet the Trial Balance is balanced.

There are 6 types of errors not revealed by a Trial Balance. The 6 types of errors are described in this video.

6 Errors not revealed by a Trial Balance
1) Error of Omission
2) Error of Complete Reversal
3) Error of Original Entry
4) Compensating Error
5) Error of Commission
6) Error of Principle

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