The Nature of

Accounting

The 6 Errors not effecting the trial balance

1. The Error of Omission
When you forget to put an entry in the Accounts
2. The error of commission.
Had a transaction and entered in the wrong account but in
the right side and class of account
3. Error of Principle
Had a transaction entered in the wrong account and class
but still in the correct side.
4. Compensating Errors
When you do the same error in opposite accounts and they
cancel each other
5. Error of Original Entry
When you enter the entry wrong in both side of accounts as
soon as you open them.
6. Complete reversal of entries
When you enter by mistake in the wrong side of account
(Dr/Cr)