Because of the lack of proper fundamental accounting knowledge _______ type of error is done.

partial omission error

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compensating error

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error of principle

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all of the above

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Solution

The correct option is B error of principle
An error of principle occurs when there is lack of proper fundamental accounting knowledge. An error of principle occurs when the basic fundamental principles of accounting are violated. Examples:- recoding a capital expenditure as a revenue expenditure.

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Similar questions

Q. State whether the following statements are True or False:
Errors committed due to lack of accounting knowledge are errors of omission.

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

If, after preparation of financial statements of a firm, it is found that some errors or omission in accounts has occurred, then such errors or omissions are rectified in the next year by passing ___

Q. Which of the following errors is an error of omission?

Q. Which of the following error is an error of omission?

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Because of the lack of proper fundamental accounting knowledge _______ type of error is done.

The correct option is B error of principleAn error of principle occurs when there is lack of proper fundamental accounting knowledge. An error of principle occurs when the basic fundamental principles of accounting are violated. Examples:- recoding a capital expenditure as a revenue expenditure.

The correct option is B error of principle
An error of principle occurs when there is lack of proper fundamental accounting knowledge. An error of principle occurs when the basic fundamental principles of accounting are violated. Examples:- recoding a capital expenditure as a revenue expenditure.