A Common Error That Occurs When a Transaction Is Recorded

question 19

Short Answer

A common error that occurs when a transaction is recorded with two increases (or decreases)to one side of the accounting equation is known as a(n)__________ error.

---

Definitions:

Treasury Department

A government's division responsible for managing its finances, including producing currency, collecting taxes, and managing the national debt.

Controller

The executive in charge of the accounting function in most companies. The controller generally reports to the CFO.

Financial Relationships

The analysis and assessment of the connections between various financial metrics and entities, including investments, expenses, revenues, and profits.

Financial Theory

A branch of economics that aims to understand and explain how financial markets operate, the structure of capital markets, and the pricing of financial instruments.