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Question
Goods costing Rs. 5000 taken by the proprietor for personal use were not recorded. This is an error of ___________.
Goods costing Rs. 5000 taken by the proprietor for personal use were not recorded. This is an error of ___________.
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Solution
The correct option is A Omission
In accounting, the error of omission occurs when both the entries required for a transaction are completely omitted from the books.In this case, the above transaction not being recorded results in the error of ommission.
In accounting, the error of omission occurs when both the entries required for a transaction are completely omitted from the books.
In this case, the above transaction not being recorded results in the error of ommission.
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