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When a wrong figure is entered in the two books of account.
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∙ 12y ago
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What is error of original entry?
You enter the wrong amount You confuse debit and credit You debit or credit wrong account?
Conditions that prevent the entry of new firms in a monopoly market are?
Barriers to entry.
Describe the barriers to entry to a market and explain how they affect market structure?
Barriers to entry vary between markets. Some barriers to entry include money, governmental regulations and competitors. Most businesses will structure their businesses to exploit barriers to entry and make it hard for others entering to compete.
What is the suitable entry for this question. Mr.X started business with cash Rs 200000what is the entry?
mr.x commenced business with cash
How do you respond to a request of entry of default?
Do I need to fill out any type of document in order to answer an entry for default? (I'm the defendant)
Errors that are not disclosed by trial balance?
compensating errors error of omission error of commission error of principles complete reversal of entries error of original entry
Why is ledger called a book of final entry?
Because it is prepared from the journal which is the book of "original entry".
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What are the Errors that effect a trial balance?
Errors of Omission Errors of Commission Reversal of Entries Errors of Principle Errors of Original Entry Compensating Error these errors can be fount by a trial balance Wrong Casting Posting to the Wrong Side Posting Wrong Amounts Double Posting in a Single Account Errors of Totalling and Balancing of Accounts in the Ledger
How do you enter a dishonoured cheque in tally?
Reverse Entry to be passed for the original Entry
What is another term for the book of original entry?
prime entry** good luck
Which are the post balance sheet errors?
ommision errors,and post wrong entry
What transactions are initially recorded in?
Money!
In bookkeeping, what is the record of original entry?
The General Journal
What is the 5 types of errors that do not affect the balancing of trial balance?
1 error of omission 2 error of compensation 3 error of original entry 4 error of principle 5 error of commission
Is a petty cash voucher a book of original entry?
yes
What is an entry for bounced cheque?
Bounced cheque entry is the reversal of original entry of cheque deposit as follows: [Debit] Cash account [Credit] Bank account
