__________affect two or more accounts.

Errors of complete omission

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Errors of principle

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Errors of posting to wrong account

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All of the above

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Solution

The correct option is D All of the above
Error of complete omission will affect two or more accounts as the transaction is completely missed out.

Error of principle affects two or more account as instead of one account, another type of account is debited or credited.

Error of posting to wrong account also affect two or more account.

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Similar questions

Q. Posting of wrong amounts to the accounts are classified as errors of .

Give one word/term on phrase for each of the following statements.

1) Errors of incorrect entries or wrong posting.
2) Account to which difference in trial balance is transferred.
3) Errors which are committed by clerks.
4) Transaction remained to be recorded at all in the books of accounts.
5) Error in which the effect of one mistake is nullified by another mistake.
6) An entry passed to cancel wrong effects given and give correct effects to accounts affected.
7) Errors of calculation.
8) Error which affects the agreement of trial balance.
9) Error which are not disclosed by the trial balance.
10) Taking the Total more while closing books of accounts

Q. Match List-I with List-II and select the correct answer using the codes given the lists.

List-I	List-II
I. Compensating errors	(a) Not recording a business transaction
II. Errors of omission	(b) Charging a Revenue item to capital
III. Errors of principle	(c) Writing a debit item on the credit side and a credit item on the debit side of equal amount
IV. Errors of commission	(d) Posting a correct amount to a wrong account

Q. When one or both aspects of a transaction are recorded in wrong class or category of account, then it is called errors of .

Q. State whether True or False:
If the amount is posted in the wrong account or it is written on the wrong side of an account, it is called Error of commission.

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