Errors In Accounting - SS1 Accounting Past Questions and Answers - page 1
Which of the following is an error of commission in accounting?
Recording an expense as an asset
Not recording a transaction in the accounting records
Recording an incorrect amount for a transaction
Recording a transaction twice
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Which of the following is an error of principle in accounting?
Not recording a transaction in the accounting records
Recording an expense as an asset
Recording an incorrect amount for a transaction
Recording a transaction twice
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What is the purpose of detecting and correcting accounting errors?
To ensure accurate financial statements
To increase profits
To reduce expenses
To improve employee morale
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Which of the following is an error of timing in accounting?
Recording an expense as an asset
Not recording a transaction in the accounting records
Recording an incorrect amount for a transaction
Recording a transaction in the wrong accounting period
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Which type of error in accounting occurs when two or more errors cancel each other out?
Errors of reversal
Compensating errors
Errors in the original entry
Errors of omission
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What is an example of an error of omission in accounting?
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Why is it important to detect and correct accounting errors as soon as possible?
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