Question

write short notes on error of principle
​

Answer 1

Answer:

it may be help you

Explanation:

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

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

Companies strive to hire experienced employees and incorporate protocols that help to mitigate accounting errors. However, errors can still happen. If they do occur and are identified, companies and Generally Accepted Accounting Principles (GAAP) provide guidance for correcting them.