What is the difference between errors of commission and errors of omission?

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Solution

An error of commission arises when a transaction is incorrectly recorded either wholly or partly, while error of omission results when a transaction is not recorded in the books of accounts either wholly or partly.

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Similar questions

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

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