Advertisements
Advertisements
Question
What is meant by the error of complete omission?
Advertisements
Solution
It means the failure to record a transaction in the journal or subsidiary book or failure to post both the aspects in the ledger. This error affects two or more accounts.
APPEARS IN
RELATED QUESTIONS
Errors not affecting the agreement of trial balance are ______.
What is meant by the error of principle?
What are compensating errors?
Which type of error affects only one side (debit or credit) of a single account and usually causes a difference in the trial balance?
Which kind of error happens when both a debit and an equivalent credit mistake occur, effectively cancelling each other out?
If a transaction is completely missed in all books of accounts, which type of error is it?
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?
What is the correct method of rectifying two-sided errors once they are discovered?
Which statement best summarizes the key differences between one-sided and two-sided accounting errors?
