The errors or mistakes that are committed in the journal, ledger and in any other financial statements are known as accounting errors. Accounting errors may be defined as those mistakes, which are generally committed while recording the financial transactions in the books of accounts and preparing the accounting statements. Thus, these errors may be committed while maintaining books of accounts and preparing statements in the accounting process.
The errors that are disclosed by trial balance are as follows:-
The following are some of the errors not disclosed by trial balance:-
The methods of locaring the errors are:-
What is the full form of GAAP?
Generally Accepted Accounting Principles
Generally Accepted Accounting Procedures
Genuinely Accepted Attributting Principles
Generally Advanced Accounting Projects