Question

What is Errors of principle in Accounts ​

Answer 1

DEFINITION of Error Of Principle. An error of principle is an accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error, meaning that the value recorded was the correct value but placed incorrectly.

Answer 2

An error of principle is an accountingmistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting.