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Students’ errors in the classroom are assumed to contain a high learning potential. To enable students to learn from their errors, teachers need professional error competence (PEC). In our field of interest—business and economics education—teachers lack in PEC and empirical evidence on how students learn from errors remains scarce. We work on this research gap and focus on PEC in accounting education. In the present study, we aim to analyse teachers’ PEC in real classroom situations and to examine the learning potential of students’ errors from different perspectives by using mixed methods. We videotaped teachers’ action in commercial schools and analyzed occurring error situations. In this proposal, we report first results from stimulated recalls with teachers and students.