Maharashtra State BoardHSC Commerce 11th
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Answer in One Sentence: What are compensating errors? - Book Keeping and Accountancy

One Line Answer

Answer in One Sentence:

What are compensating errors?

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Solution

When two or more errors, identified from books of accounts are in such a way that the net effect of these errors, on the debit and on the credit sides of accounts is nil, such errors are known as compensating errors.

Concept: Types of Errors-Compensating Errors
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 8 Rectification of Errors
Exercise Q.1 | Q 5 | Page 266
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