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Question
When a transaction has been omitted to be recorded in the books of account completely or partially, the mistake or error is called error of __________.
When a transaction has been omitted to be recorded in the books of account completely or partially, the mistake or error is called error of __________.
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Solution
The correct option is C Omission
The errors of omission may be committed at the time of recording the transaction in the books of original entry or while posting to the ledger. There can be two types:(i) error of complete omission(ii) error of partial omissionWhen a transaction is completely omitted from recording in the books of original record, it is an error of complete omission. When the recording of transaction is partly omitted from the books, it is an error of partial omission.
The errors of omission may be committed at the time of recording the transaction in the books of original entry or while posting to the ledger. There can be two types:
(i) error of complete omission
(ii) error of partial omission
When a transaction is completely omitted from recording in the books of original record, it is an error of complete omission. When the recording of transaction is partly omitted from the books, it is an error of partial omission.
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