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WAEC Financial Accounting 1993 Question 41

Question 41

Correction of Errors and Suspense Account

Gavbon Ltd. failed to record ₦2,000 wages. The error committed is that of

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

Answer: A (omission)

Explanation

Leaving a transaction out completely is an error of omission.