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WAEC Financial Accounting 1994 Question 43

Question 43

Correction of Errors and Suspense Account

Goods purchased for ₦92 was entered in the books as ₦29. This is an error of

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

Answer: E (original entry.)

Explanation

The wrong figure went into the book of original entry, so both sides carry it.