What is Error of Omission and …
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Yogita Ingle 6 years, 8 months ago
Error of Omission: If a transaction remains altogether unrecorded in the Journal, i.e. the book of original entry, it will be termed as an error of omission. It is termed as a two-sided error and such an error will not affect the agreement of the Trial Balance because the transaction is altogether omitted from being recorded in the books of accounts.
Error of Principle: When a fundamental principle of accounting is violated, while recording a transaction, it is known as an error of principle.
For example: - 1. Purchase of furniture is debited to the Purchases A/c instead of Furniture A/c.
2. Repairs of old machinery are debited to the Machinery A/c instead of Repairs A/c.
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