A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
Correct answer: C. Error of commission
- A. Error of omission
- B. Compensating error
- C. Error of commission
- D. Error of principle
Explanation
The transaction was recorded in the correct type of account but in the wrong customer’s account, A being replaced by B. Posting to the wrong account of the same class is an error of commission.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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