Commerce Exam > Commerce Questions > There can be of two types of error of omissio...
Start Learning for Free
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?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
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.
Free Test
FREE
| Start Free Test |
Community Answer
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.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Top Courses for CommerceView all
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?
Question Description
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? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
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? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
Solutions for 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? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution for 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup