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WAEC Financial Accounting 2000 Question 20

Question 20

Correction of Errors and Suspense Account

Prepaid rent of N650 had been recorded as N560. This is an error of

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

Answer: D (original entry)

Explanation

The wrong figure was used from the start in both entries, an error of original entry.