Which of these errors affect two or more accounts
Correct answer: B. All the three
- A. Errors of complete omission
- B. All the three
- C. Errors of posting to wrong account
- D. Errors of principle
Explanation
Complete omission, an error of principle and posting to a wrong account generally involve the two sides or accounts of a transaction, even when the resulting trial-balance effect differs. Thus all three categories can affect two or more accounts.
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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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