Daffodil International University
Faculties and Departments => Business Administration => Business & Entrepreneurship => BBA Discussion Forum => Topic started by: munna99185 on May 16, 2014, 12:35:02 PM
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An accounting error is an error in an accounting item that was not caused intentionally. An accounting error can include discrepancies in dollar figures, or might be an error in using accounting policy incorrectly (i.e., a compliance error). Accounting error should not be confused with fraud, which is an intentional error in an accounting item, usually to hide or alter data for personal gain. By doing what ever it can to follow accounting standards such as the Generally Accepted Accounting Principles (GAAP), and maintaining internal controls, a company can easily minimize accounting errors. Corrections of the errors are shown later, in a restatement of comparative financial statements
[Source:http://www.investopedia.com/terms/a/accounting-error.asp]
Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University
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Good to know.
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thanks for the info.....