what is Error of principle?
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Answer: An error of principle is an accounting mistake in which an entry violates a fundamental principle of accounting or a fundamental accounting principle established by a company.
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Such error come into existence due to non-obeisance of principle of accountants are called error of principle. They have no effect on Trial balance because these error are not due to incorrect amount , casting or balancing, but are due to recording again6 the fundamental principle.
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