types of accounting errors

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There are several types of accounting errors, including errors of omission, commission, principle, and original entry.

Errors of omission occur when a transaction is completely left out of the accounting records.
Errors of commission occur when a transaction is recorded incorrectly.
Errors of principle occur when an accounting principle is not followed.
Errors of original entry occur when a transaction is recorded incorrectly in the journal.
Transposition errors occur when numbers are accidentally reversed.
Compensating errors occur when two errors cancel each other out.
Errors of duplication occur when a transaction is recorded twice.
Errors of reversal occur when debits and credits are switched.
Errors of timing occur when a transaction is recorded in the wrong accounting period.

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