Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 46)
Which of the following is the best definition of an "error of omission"?
When the transaction is incorrectly posted to the wrong type or class of account.
When a debit entry is entered as the credit side of an account and the corresponding credit entry is entered to the debit side of the other account.
A failure to record double entries for a transaction in the ledger accounts.
When a transaction is recorded in a wrong document or in a book of prime entry.
Explanation
An error of omission describes a failure to record double entries for a transaction in the ledger accounts.
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