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WAEC Financial Accounting 2001 Question 15

Question 15

Correction of Errors and Suspense Account

Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the accounts as such. This is an error of

  1. A.principle
  2. B.omission
  3. C.reversal of entries
  4. D.original entry.
Show the answer and explanation

Answer: A (principle)

Explanation

The transaction was recorded in the wrong type of account altogether (sales instead of purchases), an error of principle.