Question
‘Goods sent on approval basis’ have been recorded as
‘Credit sales’. This is an example of:Solution
When "Goods sent on approval basis" are incorrectly recorded as "Credit sales," it is an example of an "Error of principle." This type of error occurs when a transaction is recorded in a way that violates accounting principles or concepts. In this case, it involves a misunderstanding or misapplication of the accounting principle related to recognizing revenue.
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