Chapter 2 Learning Objective 7
Terms in this set (7)
If debits equal credits, then there can possibly be no errors. True or False
What is the first thing you should do when you are looking for the source of an error?
Look at the pattern of balances to see if a normal balance was placed in the wrong column on the trial balance
What can you do to prevent errors?
Verify all additions and subtractions as you go.
If the difference between debits & credits is divisible by two what might have happened?
You may have accidentally recorded half an entry twice--2 debits instead of 1 debit & 1 credit
If the difference between debits & credits is divisible by nine what 2 errors may have occurred?
What is a transposition error?
Numbers are switched around--49 instead of 94
What is a slide error?
When the decimal is placed incorrectly--270 instead of 2700
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