ERROR Definition

Bookmark and Share

ERROR is unintentional misstatements or omissions in financial statements. Errors may involve mistakes in gathering or processing accounting data, incorrect estimates from oversight or misinterpretation of facts, and mistakes in application of principles relating to amount, classification, presentation or disclosure.

Learn new Accounting Terms

PLUM is an investment with a healthy rate of return.

NIFO is Next-In, First-Out.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.