Chapter 14- Control Accounts

Control Accounts Error


                     1. Recording Error
                      2. Posting Error
                      3. Miscasting Error
                      4. Extraction Error

1. Recording Errors:
      Errors in recording or day books effect individual as well as Grand Total.
     · Over Recorded Opposite side of Original
     · Under Recorded Same side of Original

Error Identification:
In Day Books,
            · Not Entered
            · Omitted
            · Wrongly Entered
            · Not Recorded

2. Posting Errors:

            · Over Posted Opposite side of Original

            · Under Posted Same side of Original

Error Identification:

           · Not Posted

           · Wrongly Posted

           · Posted on wrong side of ledger a/c

3. Miscasting Errors:

            It’s a Total Error in accounts

            · Over Casted------ Opposite side of Original

            · Under Casted--------- Same side of Original

Error Identification:

            · Under Casted

            · Over Casted

            · Total wrongly casted

4. Extracting Errors:

             List of balances Balance of Personal Ledger

            · Over Extracted Opposite side of Original

            · Under Extracted Same side of Original

Error Identification:

List of balances

PASS RATES FOR PAPER F3

Dec 2007	67
Jun 2008	48
Dec 2008	50
Jun 2009	55
Dec 2009	59*
Jun 2010	60*
Dec 2010	60*
Jun 2011	55*
Dec 2011	54*
Jun 2012	57*

* Results achieved by students for paper-based examinations and computer-based examinations.