Error of Omission - A transaction is completely forgotten and not entered in the books at all., Error of Commission - A financial transaction is posted to the correct side of the wrong account, but the account is in the same class (e.g., Stationery instead of Advertising)., Error of Principle - A transaction is posted to the correct side of a wrong class of account (e.g., Asset instead of Expense)., Complete Reversal of Entries - An account that should have been debited is credited, and the account that should have been credited is debited., Compensating Errors - Two separate errors occur that mathematically cancel each other out.,

Lesson 17 - Using the trial balance

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