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प्रश्न
What is meant by the error of principle?
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उत्तर
It means the mistake committed in the application of fundamental accounting principles in recording a transaction in the books of accounts.
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संबंधित प्रश्न
Wages paid for installation of machinery wrongly debited to wages account is an error of ______.
What is meant by the error of partial omission?
Write a note on the error of principle by giving an example.
State the account/s affected in the following error:
The total of purchases book ₹ 4,500 was posted twice.
Which type of error affects only one side (debit or credit) of a single account and usually causes a difference in the trial balance?
What is the main impact of two-sided errors, such as errors of principle or compensating errors, on the trial balance?
When a transaction is recorded in one book but not posted to the related account, which type of error does this represent?
Breaking accounting rules and misclassifying accounts is known as which type of error?
Why is a suspense account used in correcting accounting errors?
What is the correct method of rectifying two-sided errors once they are discovered?
