SIMPLE ACCOUNTING-SECRETS – 10

E&OE

Since BUCKS is common to all currencies, the same may have

been used. Please substitute the word with the currency of your
country

Regret, I am nor computer-savvy. Kindly excuse errors in

formatting.

Once, a student asked me what E&OE printed at the bottom of a

document like a bill or an invoice meant.

I explained to him that it was like a safety clause and expands as

ERRORS AND OMISSIONS EXCLUDED (or EXCEPTED).

The issuer of the document wants to convey the message that he, too, is
a human being and could have made a mistake in the document.

Such mistakes shouldn’t subject either the seller or the buyer to any loss.

Hence, such mistakes be corrected and the right figures be accounted for
(by the buyer) and brought to the notice of the issuer so that that the
document can be corrected in the supplier’s records, too.

This way, both the seller and the buyer have correct figures in their
records.

Happy with my answer, he asked me, “Sir, to score 100 in the exam, at
the end of the answer sheet, can I write E&OE?”

This is one of the many humorous experiences that I narrate in my one-

hour humour-talk titled HUMOUR IN ACCOUNTS, a collection of
mostly personal experiences in a career spanning more than 43 years in
accounts-writing and over 23 years in accounts-teaching.

For a change, I thought, explaining an accounting concept by way of

narrating a real-life humorous experience would break the monotony of
serious studies without diluting the efficacy of teaching.