Explain briefly the errors of commission along with example.
Asked by Topperlearning User | 26th Jul, 2016, 01:33: PM
Errors of commission are committed because of wrong recording, wrong posting, wrong balancing and wrong casting of subsidiary books. Such errors affect the accuracy of the trial balance. For example, sales book totaled as Rs.1,000 instead of Rs.10,000 and furniture purchased for Rs.5,000 was recorded as Rs.500.
Answered by | 26th Jul, 2016, 03:33: PM
- What is meant by errors of principle?
- What is meant by a two-sided error? Explain with an example.
- What is meant by a one-sided error? Explain with an example.
- Explain errors of omission with examples in detail.
- Name the errors which do not affect the trail balance with reasons.
- Name any two types of errors which affect the agreement of trial balance with examples.
- What is meant by compensating error? Explain with an example.
- State the type of errors committed in the below transactions: Sale of old furniture worth Rs.5,000 credited to the sales account A payment of Rs.2,300 for salaries was posted twice to the salaries account Goods returned to Rakesh worth Rs.3,200 were not recorded in the books of accounts Wages paid Rs.6,150 were recorded in the cash book as Rs.6,510
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