Saved Bookmarks
| 1. |
Explain Error of Principles Error with examples. |
|
Answer» Error of principles: If any accounting rules or principles are violated in recording a transaction, it is an error of principles. This error does not affect the agreement of trial balance. Examples: 1. An item of capital expenditure is wrongly debited to a revenue account. 2. Sale of building is credited to sales account. |
|