Question
What among the following is an example of compensating
errors?Solution
· Errors of Commission - When an error is committed in recording a transaction with wrong amount or posting to wrong side of the account, it is called an 'Error of Commission'. Following are some of the examples: · Posting of correct amount but on the wrong side · Posting of a wrong amount but on the correct side · Errors of Omission - When a transaction is completely or partially omitted to be recorded in books of account, it is called an 'Error of omission'. · Goods are purchased on credit from Mr. A. This transaction is not recorded in the purchase journal. This is called error of 'Complete omission' – MATCHES Trial Balance · If the above entry is recorded in purchase journal but remains to be posted to the supplier, Mr. A's account, then it will be called 'Partial omission' – DOESN’T MATCH the Trial Balance · Compensating Errors - When one mistake nullifies the wrong effect of another, it is called a compensating error. These are two or more in number and balance each other. · Example - total of rent account is undercast by Rs. 1,000 and the total of printing and stationery account is overcast by Rs. 1,000 Errors of Principle - These are errors arising from not observing the accounting principles correctly, e.g. wages paid for installation of machinery debited to wages account.
' जले पर नमक छिड़कना ' मुहावरे का सटीक अर्थ है :
'वक्र' का विपरीतार्थक शब्द क्या होगा?
निम्नलिखित में से कौन.सा स्वर संवृत्त है?
'आंखों का तारा होना मुहावरे का सही अर्थ क्या है
किस वाक्ये में भववाच्य का प्रयोग हुआ है ?
कौन-सा शब्द शुद्ध नहीं है
निम्न में 'ऊसर' का विलोम क्या होगा?
'आवश्यक' में प्रत्यय है
शुद्ध वाक्य है
ए, ऐ, ओ, औ कौन सा स्वर है ?