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Start learning 50% faster. Sign in now· 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.
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DECIPHER - It was almost impossible for me to decipher Rohan's writing.
Select the most appropriate synonym of the given word.
TRANQUIL
Select the most appropriate synonym of the given word.
RESOLUTION
It must accelerate and prioritise the transition to energy sources that are minimally perturbing to the natural balance because the planet, which m...
Select the most appropriate ANTONYM of the given word.
APPLAUD
Much has been written about and promises [A]/premises [B] have been made by the political leadership on the need to create a mechanism enabling PSU ba...
Ending a civil war-like conflict is more difficult to end than a conventional war, as it leaves many fostering [A]/ festering [B] wounds that prevent ...
It will be no exaggeration (A) to state that conducting proper investigation in such areas is themselves (B) a great challenge, where (C) witness...
Select the most appropriate option to improve the bold segment in the given sentence.If there is no need to improvement it,select, no improvement.
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