Here is a sample output of this section of cPanel.
[Mon Jan 31 20:17:36 2005] [error] [client **.***.90.72] File does not exist: /home/username/public_html/404.shtml
[Mon Jan 31 20:17:36 2005]: This is the date and time the error occurred.
[error] [client **.***.90.72]: This shows that it was an error and the IP address that received the error.
File does not exist: /home/username/public_html/404.shtml: This lets the webmaster know that the file does not exist and where on the server it doesn't exist.
Normally by replacing the missing file in the location the server said it was missing will normally correct the error. In some cases this will produce incorrect error messages, so don't be surprised if there are a lot of errors in yours.
In most cases it's the end-user that has caused the problem to occur. Sometimes the users may get disconnected from the site before downloading the correct files or information and the server will return an error to compensate for this.