Errors
Accounting errors include omitted transactions, wrong amounts, incorrect accounts and entries made on the wrong side. Some cause unequal debits and credits; others do not. FA distinguishes errors of omission, commission, principle, original entry, reversal and compensating errors. Analyse the incorrect entry and the required entry before designing a correction.
Worked example
Recording a $700 repair as equipment is an error of principle: an expense has been treated as an asset, although the trial balance still agrees.
Common mistake
A balanced trial balance tests debit-credit equality only. It cannot detect every classification, completeness or measurement error.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Direct | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |