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Accountant P debited wages with 1,000 instead of 1,500, but credited sales with 1,500 instead of 2,000.
Which of the following kind of bookkeeping mistakes is this?
Suggested Answer: D
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35 comments · newest first
SK
Skye
11 months ago
No way, it's clearly an error of principle!
LA
Lashandra
11 months ago
I thought it was a reversal of entries at first.
RI
Rickie
11 months ago
Wait, are we sure it's not a compensation of errors?
FR
Freeman
12 months ago
I agree, that makes the most sense!
DE
Demetra
12 months ago
It's definitely an error of original entry.
TE
Tequila
12 months ago
I was leaning towards error of principle, but now I'm questioning if it really fits the definition.
ED
Edwin
1 year ago
This seems like a reversal of entries to me, but I could be mixing it up with another type of error.
JA
Jamal
1 year ago
I'm not entirely sure, but I remember something about compensation of errors being when one mistake offsets another.
AN
Angelo
1 year ago
I think this might be an error of original entry since both amounts were recorded incorrectly.
RO
Rory
1 year ago
I've got a good feeling about this one. Based on the details provided, I think the answer is A - error of original entry. The accountant made mistakes in the initial recording of the transactions.
CA
Catalina
1 year ago
I'm a bit confused here. Is this considered a compensation of errors since the two mistakes seem to offset each other? Or is it something else? I'll have to think about this one a bit more.
ME
Melita
1 year ago
Okay, let me think this through. The accountant debited the wrong amount for wages and credited the wrong amount for sales. I'm pretty sure this is an error of original entry, since the initial recording of the transactions was incorrect.
DI
Diane
1 year ago
Hmm, I'm a little unsure about this one. The question is asking about the type of mistake, but I'm not totally clear on the differences between the options.
SH
Shanice
1 year ago
This seems like a straightforward question about common bookkeeping mistakes. I think I can handle this one.
NA
Nadine
2 years ago
Looks like Accountant P needs to invest in a calculator and a pair of reading glasses. Or maybe just a career change, you know, something that doesn't involve numbers.
SI
Sina
1 year ago
A) Error of original entry
SI
Silva
1 year ago
B) Compensation of errors
AD
Adell
1 year ago
A) Error of original entry
GA
Gail
2 years ago
Compensation of errors, for sure. Though I'm more interested in the math skills of this Accountant P. 1,500 instead of 2,000? Yikes, someone needs to brush up on their counting.
DE
Desmond
2 years ago
Error of principle, huh? I guess Accountant P forgot the golden rule of accounting: always debit the thing and credit the other thing.
TR
Tran
1 year ago
D) Error of principle
JO
Jolanda
1 year ago
C) Reversal of entries
CH
Christa
1 year ago
B) Compensation of errors
HE
Heike
1 year ago
A) Error of original entry
AS
Ashton
2 years ago
Man, I bet Accountant P is really regretting that mix-up. Reversal of entries would have been a much cooler answer, though.
LA
Latanya
1 year ago
B) Compensation of errors
LO
Louis
1 year ago
A) Error of original entry
EL
Elin
2 years ago
This sounds like a classic case of compensation of errors. The debits and credits don't add up, but they happen to offset each other.
DA
Daryl
1 year ago
D) Error of principle
IN
Inocencia
1 year ago
C) Reversal of entries
HE
Hermila
1 year ago
B) Compensation of errors
WE
Wendell
1 year ago
A) Error of original entry
RO
Rozella
2 years ago
But could it also be a Compensation of errors since the debited amount was less than the credited amount?
CA
Carli
2 years ago
I agree with Ceola, because the mistake occurred at the point of entry.
CE
Ceola
2 years ago
I think it's an Error of original entry.