Question

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

• A. I-(c), II-(a), III-(d), IV-(b)
• B. I-(b), II-(a), III-(d), IV-(c)
• C. I-(c), II-(a), III-(b), IV-(d)
• D. I-(b), II-(a), III-(c), IV-(d)

Answer 1

The correct option is C I-(c), II-(a), III-(b), IV-(d)

Option C is the correct answer.

Compensating errors- When a debit item written in credit and credit is written in debit for the same amount.

Error of omission- An item is completely omitted in recording.

Error of principle- Revenue item is charged to capital or vice versa.

Error of Commission- Posting of a correct amount in to a wrong account.