Mastering Correction of Accounting Errors

April 4, 2023
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Start by learning how to do the monthly bank reconciliation and move on to uncovering and correcting errors in the trial balance and in the accruals and deferrals. Double-quiz in each section assures that you master it.

Course Content

Mastering Correction of Accounting Errors Lesson 1 50 MIN

Types of accounting errors
Where errors occur and how to find them
10 common causes of errors. 5 areas where most errors occur. How to analyze errors to correct them.
Step-by-step instructions on how to do a bank reconciliation and record the required journal entries.
How to correct errors found on the bank statement or in the ledger Cash account.

Mastering Correction of Accounting Errors Lesson 2 21 min

Finding errors in a trial balance
Finding errors that do not show up in a trial balance
Correcting doubling errors
Correcting slide errors
Correcting transposition errors
Examining journal entries and postings

Mastering Correction of Accounting Errors Lesson 3 40 min

Correcting current-period accrual errors.
How to correct an accrued expense recorded for too little or too much or omitted entirely.
Correcting journal entries when the expense was originally recorded in an expense account v. a prepaid (asset) account.
How to correct accrued revenue recorded for too little or too much or omitted entirely.
Correcting journal entries when the original entry was recorded in a revenue v. unearned revenue account.
Impact on the financial statements if errors are not corrected.

Mastering Correction of Accounting Errors Lesson 4 66 min

Correcting current-period deferral errors.
How to correct too little or too much expense recognized or deferred.
Correcting journal entries when the prepayment was recorded in an expense account v. prepaid (asset) account.
How to correct too little or too much revenue recognized or deferred.
Correcting journal entries when a payment received in advance was recorded in a revenue v. unearned revenue account.
Impact on the financial statements if errors are not corrected.

Mastering Correction of Accounting Errors Final Exam

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