N/O Levels Principles of Accounts\r<br>\r<br>Chapter 14 - Correction of Errors\r<br>\r<br>Introduction (What is this chapter about?)\r<br>There are definitely errors in the accounts if the Trial Balance is not balanced. However, a balanced Trial Balance does not mean that there are NO ERRORS. There are accounting errors that could have happened and yet the Trial Balance is balanced.\r<br>\r<br>There are 6 types of errors not revealed by a Trial Balance. The 6 types of errors are described in this video.\r<br>\r<br>6 Errors not revealed by a Trial Balance \r<br>1) Error of Omission\r<br>2) Error of Complete Reversal\r<br>3) Error of Original Entry\r<br>4) Compensating Error\r<br>5) Error of Commission\r<br>6) Error of Principle
