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Purchase of machine of #50,000 was debited to purchase account,This is an error of ?

Book Keeping
WAEC 2024

Purchase of machine of #50,000 was debited to purchase account,This is an error of ?

  • A. omission
  • B. Commission
  • C. Principle
  • D. compensation
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Correct Answer: Option C
Explanation

Error of principle occurs when a transaction in the wrong class of account.

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076