What is mandatory leave?

As per mandatory leave policy for banks, the employees posted in sensitive areas in banks are required to compulsory avail leave of about 10 days in a single spell every year. The treasury, currency chests, risk modeling, model validation etc., are considered as sensitive positions or areas of operations which are covered under a ‘Mandatory…

What are accounting errors?

Types of accounting errors include  ‘Error of principle’,’ Error of Omission in accounting’, ‘Error of commission’,  ‘Compensating Error’,  ‘Error of original entry’,  ‘Complete reversal of entries’. Error of principle in accounting: When correct amount is posted to wrong type of account, such error is called error of principle. Suppose machinery installation charges is debited to…