Accounting for IGCSE & O level - Accounting Procedures (Section 24 - No. 24)

What type of error is present when a payment of £500 to an employee is recorded as a debit to the wages expense account and a credit to the bank account?

Error of principle

Error of omission

Error of original entry

Compensating error

Explanation

The debit and credit is correct and this is an error of principle.

Accounting for IGCSE & O level - Accounting Procedures (Section 24 - No. 24)

Explanation

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