(a) Assume that, you are an accounting executive working in a multinational firm. You have to maintain certain books of accounts. While recording the accounts from journal to ledger subconsciously you put prepaid rent expense $23,552 on debit side instead of recording it as rent expense. The real posting should be an expense not prepaid expense. Will this error can be detected by anyone on later time? What is your opinion? And what kind of error is this?

(a) Assume that, you are an accounting executive working in a multinat

1.	(a) Assume that, you are an accounting executive working in a multinational firm. You have to maintain certain books of accounts. While recording the accounts from journal to ledger subconsciously you put prepaid rent expense $23,552 on debit side instead of recording it as rent expense. The real posting should be an expense not prepaid expense. Will this error can be detected by anyone on later time? What is your opinion? And what kind of error is this?
Answer» Yes, it will be DETECTED LATER on and a RECTIFYING entry will be passed for recording the effect. This is HUMAN ERROR while posting into ledger accounts.

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