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How are errors classified in trial balance?
Errors in trial balance are classified into two types namely, errors disclosed and errors not disclosed. Errors disclosed and errors not disclosed are again subdivided into several types.
Following diagram shows the classification of errors in trial balance −
Classification of errors based on nature
The classification of errors in trial balance which is based on nature is explained below:
Error of omission
- Error of complete omission
- Error of partial omission
Error of commission
- Error of recording in book of original entry
- Wrongly totaling of subsidiary book
- Error in balancing ledger accounts
- Error of posting − This is further classified as follows −
- Posting to the wrong side, but on the correct account.
- Posting with the wrong amount.
- Posting twice in the same account.
- Error in carrying forward.
Errors of principles
- Treating capital items as revenue items
- Treating revenue items as capital items
- Accounting error which offsets another accounting error
- How are entries recorded in adjusted trial balance?
- How are entries rectified before preparing trial balance?
- How are entries rectified after preparing trial balance?
- How is the balance sheet prepared from trial balance?
- Distinguish between trial balance and balance sheet
- How to prepare an unadjusted trial balance?
- What is trial balance in accounting?
- What are the steps involved in preparing the trial balance?
- What is adjusted trial balance?
- What is unadjusted trial balance?
- Prepare horizontal balance sheet for the following trial balance.
- Explain trial balance with an example
- Explain the concept of trial balance
- Given an example for adjusted trial balance
- How trial balance is prepared by using the totals method?