There are several different types of errors in accounting. Accounting errors are usually unintentional mistakes made when recording journal entries. Small accounting errors may not affect the final numbers in financial statements. Or they might cause major distortions in the overall figures. These types of errors require lots of time and resources to find and correct them. The following are the errors in accounting:1. Error of Principle:An error of principle is an accounting mistake in which an entry violates a fundamental principle of accounting or a fundamental accounting principle established by a company. Common errors of principle can include: mixing up debits and credits, using the wrong liability account for an expense, crediting the wrong type of asset account for payment, or potentially debiting the wrong client account in an accounts receivable transaction. 2. Error of Commission:An error of commission occurs when an amount is entered right and in the correct account but the value is wrong“i. e. its subtracted instead of added or vice versa. For example An entry of Rs. 840 being debited to Surbhi s A/c as Rs. 480. Here the value is wrongly entered. 3. Error of Omission:An error of omission happens when you forget to enter a transaction in the books. You may forget to enter an invoice youve paid or the sale of a service. For example, a copywriter buys a new business laptop but forgets to enter the purchase in the books. However, there is no error such as Negligible significance in accounting literacy. Therefore, An entry of Rs. 840 being debited to Surbhi s A/c as Rs. 480 would be an error of Commission.