What Are the Major Types of Coding Errors and Their

question 8

Essay

What are the major types of coding errors and their root cause?

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Definitions:

Total Assets

The sum of all assets owned by a business, representing its total resources.

Total Liabilities

The combined debts and obligations that a company owes to outside parties at any given time.

Adjusting Entries

Adjustments entered into the ledger at the closing of an accounting cycle to refresh the account balances before generating financial reports.

Unadjusted Trial Balance

A list of all ledger accounts and their balances at a certain time before any adjustments are made for year-end closing.