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Question
Goods costing Rs. 15000 given as charity were not recorded. This is an error of ______.
Goods costing Rs. 15000 given as charity were not recorded. This is an error of ______.
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Solution
The correct option is C Omission
Error of omission is when a transaction is completely omitted to be recorded in the books or recorded in the journal but omitted to posted to the ledger accounts. Here the debit and credit aspect of the transaction is not present in the books of accounts. Such errors do not affect the agreement of the trial balance. When goods given as charity is not recorded, there will be no effect on the purchases account as well as the charity account.
Error of omission is when a transaction is completely omitted to be recorded in the books or recorded in the journal but omitted to posted to the ledger accounts. Here the debit and credit aspect of the transaction is not present in the books of accounts. Such errors do not affect the agreement of the trial balance.
When goods given as charity is not recorded, there will be no effect on the purchases account as well as the charity account.
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