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.
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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.
There can be of two types of error of omissiona)error of complete omis...
Option C