1. Errors of omission: When an entry gets omitted during recording in the book of original entry or during posting the transaction, then error of omission is committed. 

There are two types of errors of omission, viz: 

• Partial omission : When a transaction is correctly recorded in one side of account but is not recorded in the other side of the account. 

• Complete omission : When a transaction gets completely omitted to be recorded in the books, then it is the case of complete omission. Such omission does not affect the trial balance. 

2. Errors of principle : These refer to those errors that are committed when recording of transactions in the book of the original entry is done against the accounting, principle. These errors affect the trial balance. These errors are committed when proper distinction is not made between revenue income or expenditure and capital income or expenditure. 

3. Errors of commission: These refer to those errors that are committed when transactions are recorded with wrong amounts, wrong balance, wrong posting and/or wrong carrying forwarded is done. 

4. Compensating errors : When effects of one error are cancelled by the effects of another error of an equal amount, then compensating errors are committed.