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Classify the errors :The total of sales book was not posted to the ledger.
  • a)
    Errors of commission
  • b)
    Errors of omission
  • c)
    Errors of principle
  • d)
    Compensating errors
Correct answer is option 'B'. Can you explain this answer?
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Classify the errors :The total of sales book was not posted to the led...
Errors of Omission: Explanation and Example

Explanation: Errors of omission refer to those errors that occur when a transaction is completely left out of the books of accounts. It is the failure to record a transaction either in the journal or in the subsidiary books or to post it to the ledger.

Example: The total of sales book was not posted to the ledger. This error is an example of an error of omission as the transaction was completely left out and not recorded in the ledger. If this error is not rectified, the total sales figure in the ledger will be understated, leading to incorrect financial statements.

Therefore, the correct option is (B) errors of omission.
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Classify the errors :The total of sales book was not posted to the led...
It is error of omission because an entry is omitted.
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Classify the errors :The total of sales book was not posted to the ledger.a)Errors of commissionb)Errors of omissionc)Errors of principled)Compensating errorsCorrect answer is option 'B'. Can you explain this answer?
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