Incorrectly Classified Data â€“ The incorrect classifications of assets and liabilities is one of the most common accounting errors affecting a balance sheet. This includes prepaid expenses such as rent or legal cost paid by a company and all the assets of a company that are owned by the company and all the liabilities; the financial obligations of a company. The liabilities are the debts and other long-term costs of the company. Therefore, it can be stated that an inaccurate classification of either liabilities or assets would end up adversely affecting the entire balance sheet.
Data Entry Errors â€“ Data entry errors also affect the balance sheet. When the information contained in the financial documents of the company are entered incorrectly, the balance sheet gets affected. The transposition errors are those errors in which the position of the numbers to be entered gets changed such as 452 is recorded instead of 254, whereas the original entry errors are those errors that occur when data is simply wrong such as 5 is entered instead of 7 in the database.
Errors of Omission â€“ The balance sheet gets affected by the accounting errors of omission. The expenses that are not being recorded by the accountant in the books of account that results in the incorrect balance sheet is known as the errors of omission. This type of error is sometimes done in order to provide a better image of the balance sheet that it might actually exists.
Preventing Errors â€“ It becomes difficult to prevent errors as there are so many entries to be recorded. A company’s managers can even take various steps to find the mistakes so as to prevent the errors. This can be done by creating digital copies of all financial documents or this can be done by manually reconciling the financial data contained in the balance sheet, so that it is ensured that the data are accurate.
Balance Sheet Inclusions
This is a broad classification of the balance sheet along with their sub-categories:
Cash and Cash Equivalents
Assets kept for sale
Other Current Assets
Stocks or Holdings in other companies
Receiving Interest and dividend on bonds and shares respectively
Furniture & Fixtures
Current Portion of Long Term debt
Long-Term Tax Provision
Reserves and surplus
All these classifications must work according to the saying that the total assets must be equal to the sum of the total liabilities and shareholderâ€™s equity.
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