An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries

An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this?

Error of Principle
Error of Original Entry
Error of Commission
Reversal of Entries

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