passwella.
Menu

WAEC Financial Accounting 1992 Question 8

Question 8

Correction of Errors and Suspense Account

The purchase of a typewriter for the office was debited to Purchases Account. This is an error of

  1. A.commission
  2. B.omission
  3. C.original entry
  4. D.principle
  5. E.compensation.
Show the answer and explanation

Answer: D (principle)

Explanation

A fixed asset was posted to a revenue account (wrong class of account): an error of principle.