Many candidates’ mis-interpreted the errors in their answers. Candidates strength was commendable in their answers on suspense account.
The expected answer included:
Errors that would affect the agreement of a trial balance
(i) Overcast: this is an error resulting from incorrect addition where the determined balance is more than what the correct balance should have been.
(ii) Under cast: This is error resulting from incorrect addition where the determined balance is short of what the correct balance should have been.
(iii) Making an error on only one side of the account.
(iv) Transposition: This is where wrong sequence of the individual characters within a number is recorded in only one of the accounts.
(v) Single entry: This is the situation where only one side of accounting double entry is made and the other entry is omitted.
(vi) Posting a correct balance to the wrong side of the trial balance.
(vii) Entering an item more than once on only one side of an account.
