list the six errors in trial balance
1. Errors in totaling: This occurs when the debits and credits are not added up correctly, resulting in an imbalance in the trial balance.
2. Omission errors: This occurs when a transaction is completely omitted from the trial balance, leading to an imbalance.
3. Posting errors: This occurs when an amount is posted to the wrong account, resulting in an incorrect balance in the trial balance.
4. Reversal errors: This occurs when the debits and credits for a transaction are recorded in reverse, leading to an imbalance in the trial balance.
5. Compensating errors: This occurs when two errors cancel each other out, leading to the trial balance appearing balanced despite the errors.
6. Errors of principle: This occurs when a transaction is recorded incorrectly in terms of accounting principles, leading to an imbalance in the trial balance.