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Types of Errors Video Lecture | Accountancy Class 11 - Commerce

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FAQs on Types of Errors Video Lecture - Accountancy Class 11 - Commerce

1. What are the different types of errors in commerce?
Ans. The different types of errors in commerce include clerical errors, errors of omission, errors of commission, errors of principle, and compensating errors.
2. How can clerical errors be identified and rectified in commerce?
Ans. Clerical errors in commerce can be identified by comparing the original documents with the recorded entries. Once identified, they can be rectified by making the necessary corrections in the financial records.
3. What are errors of omission in commerce?
Ans. Errors of omission in commerce occur when a transaction is completely left out or not recorded in the financial statements. This can lead to inaccuracies in the financial records.
4. How can errors of principle be corrected in commerce?
Ans. Errors of principle in commerce occur when a transaction is recorded in the wrong account. These errors can be corrected by transferring the amount from the incorrect account to the correct one.
5. How can compensating errors affect the overall financial statements in commerce?
Ans. Compensating errors in commerce occur when two or more errors offset each other, resulting in the financial statements appearing to be accurate. However, these errors can still affect the overall financial health of the business if not identified and rectified.
82 videos|105 docs|42 tests

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