Wherein the full transaction is omitted from the books of accounts, it is known as:

Errors of commission

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Errors of Omission

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Errors of Principle

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None of the above

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Solution

The correct option is B
Errors of Omission

Wherein the full transaction is omitted from the books of accounts, it is known as Errors of Omission.

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Similar questions

Q. When the full transaction is omitted from the books of account, it is knows as errors of .

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

Q. 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 __________.

An amount of Rs 20,000 was received from Mr. X for the goods he purchased on credit but at the time of recording the transaction, Rs 20,000 was credited to the account of Mr. Y. Which type of error is this?

Q. 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

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Wherein the full transaction is omitted from the books of accounts, it is known as:

The correct option is B Errors of Omission Wherein the full transaction is omitted from the books of accounts, it is known as Errors of Omission.

The correct option is B
Errors of Omission

Wherein the full transaction is omitted from the books of accounts, it is known as Errors of Omission.