Compliance Errors

Accounting Error
An accounting error is an inaccurate measurement or representation of an accounting-related item not caused by intentional fraud. Errors can stem from negligence or the misapplication of Generally Accepted Accounting Principles (GAAP). These errors may manifest as dollar discrepancies or compliance issues in employing accounting policies and procedures.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.