BOOK KEEPING FORM 3

TOPIC 2: CORRECTION OF ERRORS | B/KEEPING FORM 3

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TOPIC 2: CORRECTION OF ERRORS | B/KEEPING FORM 3 Wrong Entries Identify wrong entries An accounting error is a non-fraudulent discrepancy in financial documentation. The term is used in financial reporting. Types of accounting errors include: Error of omission — a transaction that is not recorded. Error of commission — a transaction that is calculated … Read more

TOPIC 1: GENERAL JOURNAL | B/KEEPING FORM 3

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TOPIC 1: GENERAL JOURNAL | B/KEEPING FORM 3 The Purpose of General Journal Explain the purpose of the General journal You are an accounting student; you do not need to be told just how difficult accounting can be. Accountants analyze business transactions and record them in journal entries using debit-credit rules as a guide. Usually, an … Read more