Error of Omission
The complete omission of a transaction from the books.
Error of Commission
A transaction where the correct amount is entered but in the wrong person’s account.
Error of principle
Sometimes considered the more embarrassing error in that the entry is made in the wrong class of account. For example, the sale of an asset is recorded in the sales account rather than the asset disposal account. Another is recording purchases of items for resale to the stock account rather than the purchases account. The restricted meaning of sales and purchases applies here.
Compensating Error
These are errors which cancel each other out. Entering the wrong amount in two separate accounts such as overcasting a credit amount by £200 and similarly overcasting another account by a debit of £200.
Error of Original Entry
Where the original figure entered is incorrect, yet double entry is still observed using this incorrect figure. For example, entering a sale of £98 as £89 in both the sales account and the personal account.
Complete reversal of entries
Where the correct accounts are used but each item is shown on the wrong side of the account, e.g. sales account debited and personal account credited instead of vice versa.
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