What are the 5 most  common accounting errors made in accounting?
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Well, I think two pretty typical errors I've seen would be transposing (when you're meant to type in $10,480 but you type in $10,840) and misclassifying items (like putting a prepaid expense in Long-term Assets when it's Current).\n\nHope this helps!
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Maybe look into GASB34.  It's an accounting standard for government.  It is causing a lot of uproar because of what it means for asset management.  Hot topic right now.
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The accountant is charged with providing timely, accurate information to management and shareholders in order to facilitate decisions to better the performance of the entity.\n\nFrom Payroll, Accounts Payable, Accounts Receivable and General ledger maintenance.  \n\nInformation from these are used to create financial statements such as Income statements, Balance sheets and Cash flows.
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Receipts, cancelled check, money order receipts, etc.
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There are several accounting conventions used all over the world for the preparation of financial information so that these are consistent and comparable. Some of these concepts are \nHistorical cost convention\nAccrual concept\nPrudence concept\nMatching concept\n\nTransactions are entered in the books of accounts of an organization when they occur i.e when the parties involved are liable to settle the transaction. Most of the time cash is not paid at the time of transaction. It has to be paid later or is paid in advance. Hence the organization has to record accrual and prepayments.
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First step is to list all the events that cause a cash inflow or cash outflow.  Then make sure the list is in chronological order (earliest event first, then the next, all the way through to the last).  Make sure that the events are truely cash related: for example if the entity incurs a liability on 1 August, receives an invoice on 31 August, and pays the invoice on 14 September - the cash outflow only occurs on 14 September.\n\nHow can this be used to structure the analysis?  It can be very helpful to see exactly when capital providers (shareholders or creditors) need to provide funds, and exactly when they can expect to receive funds.  It can also help to determine whether the company has enough cash on hand to meet its needs - sometimes a company can be profitable on paper but not have enough liquid cash to meet its needs.\n\nThis sounds like part of a homework question you are having trouble with.  If you are looking for additional accounting based examples, the case study below is a great example of a company with liquidity issues.
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Learn the fundamentals of accounting here\n\nhttp://www.futureaccountant.com/accounting-process/
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Accounting courses are available on this site for free\n\n\nhttp://www.futureaccountant.com/
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Accounting, generally.
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1)misfiling, unless it became common or caused a problem for a client - i would just refile properly - mistakes happen\n2)mess in the breakroom - easier to rinse the coffee pot or wipe the table off myself\n3)petty gossip - my boss doesnt have time nor inclination for this kind of crap
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Upto what extend i have understood that question i will clear that in this way there are five basic items in accounting around which the whole accounting cycle travells\n\n1. owner's equity\n2. liabilities\n3. assets\n4. incomes\n5. expenses\n\nif u have more question regarding that please write clearly what u want
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Definitions of accounting on the Web:\n\n    * a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"\n    * a system that provides quantitative information about finances\n    * accountancy: the occupation of maintaining and auditing records and preparing financial reports for a business\n    * a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts\n    * account: a statement of recent transactions and the resulting balance; "they send me an accounting every month"\n      wordnet.princeton.edu/perl/webwn\n\n    * Accountancy (British English) or accounting (American English) is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process of an independent review of financial statements in order to express an opinion as to the fairness and adherence to generally accepted accounting principles.\n      en.wikipedia.org/wiki/Accounting\n\n    * The overall process of identifying, measuring, recording, interpreting, and communicating the results of economic activity; tracking business income and expenses and using these numbers to answer specific questions about the financial and tax status of the business.\n      www.theaccountspayablenetwork.com/html/modules.php\n\n    * A service activity designed to accumulate, measure, and communicate financial information about economic entities for decision-making purposes.\n      www.finet.com.hk/accounting/a.htm\n\n    * The systematic recording, reporting, and analysis of financial transactions of a business.\n      www.unisys.com/common/investors/glossary/\n\n    * A comprehensive system for recording and summarizing business transactions.\n      www.extension.iastate.edu/agdm/wholefarm/html/c1-05.html\n\n    * The act of collecting information on resource usage for the purpose of capacity and trend analysis, cost allocation, auditing and billing. Accounting management requires that resource consumption be measured, rated, assigned, and communicated between appropriate parties. Typical information that is gathered in accounting is the identity of the user, the nature of the service delivered, when the service began, and when it ended.\n      tiefighter.et.tudelft.nl/~arthur/aaa/aaaterms.html\n\n    * The recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character.\n      www.business.gov/phases/launching/are_you_ready/glossary.html\n\n    * Accounting arrangement between operators concerning the declaration of accounts in Traditional Switched Transit. In Direct accounting, the operator originating the traffic sends each of the intervening operators a separate declaration and the payments due to them.\n      www.opentransit.francetelecom.com/m_tool_box/m02_glossary/m02_glossary_voice.asp\n\n    * The process of systematically recording, classifying, verifying and summarizing business transactions, and presenting this information in periodic, interpretative financial statements and reports.\n      www.ncbuy.com/credit/glossary.html\n\n    * 2003, vol. 13, issue 1, pages 69-81\n      econpapers.repec.org/article/tafacbsfi/v_3A13_3Ay_3A2003_3Ai_3A1_3Ap_3A69-81.htm\n\n    * The systematic recording, presentation and interpretation of the financial facts of an enterprise in such a manner as to permit effective management and provide the required information.\n      www.gov.nt.ca/FMBS/documents/FAMWeb/glossary.htm\n\n    * Recording information about finances in an accountable way.\n      osraids.org/index.php\n\n    * In information technology, accounting is the process of keeping track of a user's activity while accessing a network's resources, including the amount of time spent in the network, the services accessed while there and t
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Payroll Liabilities:  Anyhing that an employer is responsible for paying for, like taxes (Federal, Fica, State Taxes)  including any deductions that are withheld from the employees check that the employer/company is 'LIABLE' to pay for such as, insurance, 401K, child support.  Liabilities will show up (should be posted as)  credits on your general ledger and when they are paid out, they should be posted as offsetting Debits to the account and should zero/balance out.  If there is a balance left in a liability account, that difference needs to reconciled and corrected.  \n\nHappy Hunting!\nRAF - Certified Payroll Professional
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Too many to list.  My big peeve is when a business posts an incorrectly spelled word or glaringly grammatically incorrect word and then DON'T CORRECT IT!  Mistakes can be made but if you are running a business you need to be extra careful.  \n\nOK- I thought of one.  My students (inner city) do not know the difference in the words "and" and "in".    ex.:  "My mom in I went to the store."  No matter how many times they are corrected they don't get it.  And I teach 6th grade!
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use a html editor to correct the mistakes. Either frontpage or coldfusion there are tons of html editors out there.\n\nThey even show you the mistakes
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weaknesses that could b counted as assets by the management
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If u r interested of knowing the principle of accounting in one sentence then i will say that:\nWhat u r giving and what u r receiving.\nand furthermore there are five basic items of accounting:\n1. capital or owner's equity\n2. liabilities\n3. assets\n4. incomes\n5. expenses