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WAEC Financial Accounting 2008 Question 43

Question 43

Correction of Errors and Suspense Account

Repairs to air conditioners was debited to office equipment account. This is an error of

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

Answer: A (principle)

Explanation

A revenue expense entered in an asset account is an error of principle.