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There can be of two types of error of omission
- a)error of complete omission and error of principle omission
- b)error of first omission and error of last omission
- c)error of complete omission and error of partial omission
- d)error of compensating omission and error of partial omission
Correct answer is option 'C'. Can you explain this answer?
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There can be of two types of error of omissiona)error of complete omis...
Error of Omission are of 2 type 1. complete omission: Each tranaction have 2 aspects. In this type of omission both aspects are not recorded .so this omission doesn't effect the trial balance. 2.partial omission: In this type of omission only one aspect of a transaction was recorded .so this omission effect the trial balance.
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There can be of two types of error of omissiona)error of complete omis...
Types of Error of Omission:
There are two types of error of omission:
1. Error of Complete Omission:
- Error of complete omission refers to the situation where a whole transaction or item is completely omitted from the financial statements.
- It occurs when an entire entry is left out of the records, resulting in a misrepresentation of the financial position or performance of the entity.
2. Error of Partial Omission:
- Error of partial omission occurs when a portion of a transaction or item is omitted from the financial statements.
- This type of error can lead to an incomplete or inaccurate representation of the financial position or performance of the entity.
Explanation:
Among the given options, option C is the correct answer as it correctly identifies the two types of error of omission - error of complete omission and error of partial omission. Option A (error of principle omission) is incorrect as it does not describe a specific type of error of omission. Option B (error of first omission and error of last omission) and option D (error of compensating omission and error of partial omission) do not accurately represent the two types of error of omission.
In conclusion, the correct answer is option C - error of complete omission and error of partial omission.
There are two types of error of omission:
1. Error of Complete Omission:
- Error of complete omission refers to the situation where a whole transaction or item is completely omitted from the financial statements.
- It occurs when an entire entry is left out of the records, resulting in a misrepresentation of the financial position or performance of the entity.
2. Error of Partial Omission:
- Error of partial omission occurs when a portion of a transaction or item is omitted from the financial statements.
- This type of error can lead to an incomplete or inaccurate representation of the financial position or performance of the entity.
Explanation:
Among the given options, option C is the correct answer as it correctly identifies the two types of error of omission - error of complete omission and error of partial omission. Option A (error of principle omission) is incorrect as it does not describe a specific type of error of omission. Option B (error of first omission and error of last omission) and option D (error of compensating omission and error of partial omission) do not accurately represent the two types of error of omission.
In conclusion, the correct answer is option C - error of complete omission and error of partial omission.
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There can be of two types of error of omissiona)error of complete omission and error of principle omissionb)error of first omission and error of last omissionc)error of complete omission and error of partial omissiond)error of compensating omission and error of partial omissionCorrect answer is option 'C'. Can you explain this answer?
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