Give the meaning of errors of principle with examples.

1.	Give the meaning of errors of principle with examples.
Answer» Errors of principle refer to those errors that are committed when recording of transactions is done against the accounting principle. Below given are the examples of error of principle. a. Wages paid for construction of building debited to Wages Account. b. Amount spent on repair of machinery debited to Machinery Account.

Answer»

Errors of principle refer to those errors that are committed when recording of transactions is done against the accounting principle. Below given are the examples of error of principle.

a. Wages paid for construction of building debited to Wages Account.

b. Amount spent on repair of machinery debited to Machinery Account.

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Give the meaning of errors of principle with examples.

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