Errors of Omission are_____________?
Correct answer: A. Technical errors
- A. Technical errors
- B. Errors of principle
- C. Compensating errors
- D. None of the above
Explanation
An error of omission occurs when a transaction or part of it is left unrecorded, making it a technical or clerical error rather than an error of principle or a compensating error.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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162 free Auditing MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
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Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.