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Question
Give one word/term or phrase for the following statement:
Error in which the effect of one mistake is nullified by another mistake.
One Word/Term Answer
Solution
Error in which the effect of one mistake is nullified by another mistake. - Compensating Error
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Types of Errors-Compensating Errors
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Answer in One Sentence:
What are compensating errors?
Do you agree or disagree with the following statement:
When one or more debit errors happen to equal one or more credit errors it is said to be a Compensating error.
Do you agree or disagree with the following statement:
When a transaction is not recorded according to the principles of accounting it is known as Compensating errors.
