Meaning of Error :

         "Errors means mistake made by an accountant or clerk while recording business transactions in the books of accounts" Errors may be the result of incorrect accounting knowledge or wrong Data Collection or wrong recording of the transaction into the books of accounts or due to arithmetical calculations Thus an unintentional omission or commission of amounts and accounts while recording the transaction is known as an error.

Types of Errors 

 There are four types of errors

1) Errors of principle

2) Errors of omission

3) Errors of commission

4) Compensating errors

Rectification of error:

            Errors whether affecting trial balance or not to be located and corrected. The procedure followed to correct the errors and set it right the books of accounts is called rectification of errors.

Types of errors on the basis of Rectification

  There are two types of Errors on the  basis of Rectification

        a) One-Sided Errors (Errors affecting one account)
        b) Two-Sided Errors ( Errors affecting two or more accounts)

 a) One-Sided Errors:

                Wrong casting, wrong balancing and carrying forward, wrong posting, Partial omission, Wrong side of an account, wrong amount on one side.

 b) Two-Sided Errors:

                   Compensating errors, errors of principle, posting to wrong account, recording wrong amount in original book, Errors of complete omission.


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