Question

What are the types of errors in accounting 1?​

Answer 1

Answer:

Types of accounting errors include:

Error of omission -- a transaction that is not recorded.

Error of commission -- a transaction that is calculated incorrectly. One example of an error of commission is subtracting a figure that should have been added.

Error of principle -- a transaction that is not in accordance with generally accepted accounting principles ( GAAP). One example of an accounting error of principle is an expenditure that is placed in an inappropriate category.

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