Question

What is an error of principle give two example​

Answer 1

Answer:

Common errors of principle can include: mixing up debits and credits, using the wrong liability account for an expense, crediting the wrong type of asset account for a payment, or potentially debiting the wrong client account in an accounts receivable transaction

Answer 2

Answer:

• Common errors of principle can include: mixing up debits and credits, using the wrong liability account for an expense, crediting the wrong type of asset account for a payment, or potentially debiting the wrong client account in an accounts receivable transaction.

• The error of omission refers to the error in which a transaction is not at all recorded in the books, either completely or partially. ... Errors of principle indicate the error of recording a transaction against the basic convention or principle of accounting.