Which of the following error is an error of principle

Related MCQs

• Which of the following statements is/are true? (i) An error in casting the subsidiary books is an error of commission (ii) An error in wrong casting of the sales day book will not affect the personal accounts of debtors (iii) Mistake in transferring the balance of an account to the Trial Balance will not affect the agreement of the Trial Balance (iv) The mistake of treating a liability as an income or vice versa will not affect the agreement of a Trial Balance
• Which of the following errors is an error of principle?
• Which of the following errors is an error of omission?
• Which of the following is an one sided error
• An error which violates the fundamentals of book keeping is called
• Which error does not affect the trial balance
• Only the significant events which affect the business must be recorded as per the principle of
• ——— Principle specifies that cost or expenses should be recorded at the same time as the revenue to which they correspond
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
• The error disclosed by Trial Balance is