Question

write a note on ERRORS OF PRINCIPLE
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Answer 1

Answer:

Errors of principle are often simply accounting entries recorded in the incorrect account. The amounts are often correct, unlike an error of original entry. Oftentimes, the error of principle is a procedural error, meaning that the value recorded is correct but the entries are made in the wrong accounts.

Answer 2

Answer:

error of principle are often simply accounting entries recorded in the incorrect account. the amount s are often correct, unlike an error of original entry