alleryCompletely failing to record a transaction in the books is an:
Acompensating error
Berror of principle
Cerror of omission
Derror of commission
Answer & Solution
Correct answer: C. error of omission
Not recording a transaction at all is an error of omission.
Keep practising Financial Statements of Sole Proprietorship
Browse all Financial Statements of Sole Proprietorship questions for AP Intermediate 1st Year, or explore more Accountancy topics.
Related questions
Machinery repairs of Rs 20,000 are wrongly added to the machinery cost. What happens to prProceeds from selling an old machine are treated as which kind of receipt?Heavy advertising spend likely to benefit several years is called what?Expenditure on the day-to-day conduct of business is known as what?Which type of expenditure increases the earning capacity of a business?Which expenditure normally benefits the business for more than one accounting year?Money spent to buy furniture for use in the business is classified as what?Payment of monthly salaries to staff is classified as which type of expenditure?