Mock test in Types of errors in accounting.
types of errors in accounting are clerical errors and errors of principle.
MCQ's in Rectification of Errors
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Subject :- Fundamentals of Accounting & Auditing
Chapter :- Accounting process-II – Test 2
Questions :- 25
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Accounting errors can be classified into errors of principle and clerical errors.
Clerical errors are further classified into errors of omission, errors of commission and compensating errors.
Most of the errors are rectified by passing journal entries
Accounting Errors : Mistakes committed by persons recording and keeping accounts.
Errors of Principle : These errors arise because of the failure to differentiate between capital expenditure and revenue expenditure and capital receipts and revenue receipts
Errors of Commission : These errors arise due to some positive act of commission on the part of the person responsible for the maintenance of the books of account.
Errors of Omission : These errors arise as a result of some act of omission on the part of the person responsible for the maintenance of books of account.
Compensating Errors : The total effect of these errors is not reflected in the trial balance.
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