Question on: WAEC Accounting - 2014
An error of principle is made, if
A
an entry has been made on the wrong class of account
B
a transaction has been completely omitted
C
an entry has been made on the wrong side of the two accounts corcened
D
a transaction is entered in both accounts for the wrong amount
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Correct Option: A
AnĀ error of principleĀ is an accountingĀ mistakeĀ in which an entry is recorded in the incorrect account, violating the fundamentalĀ principlesĀ of accounting. AnĀ error of principleĀ is a proceduralĀ error, meaning that the value recorded was the correct value but placed incorrectly.
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