An error of principle is made, if
...An error of principle is made, if
An entry has been made on the wrong class of account
A transaction has been completely omitted
An entry has been made on the wrong side of the two accounts corrected
A transaction is entered in both accounts for the wrong amount
Correct answer is A
An error of principle is an accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error, meaning that the value recorded was the correct value but placed incorrectly.
The concept which seeks to prevent profits from being overstated is ...
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditor...
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Which of the following accounts are treated in the nominal ledger? i. wages ii. discou...
Which of the following is not on debtor's legal control account? ...