Sale of goods for N600 to Ade was not posted, This is an error of
Question 1 Report
Sale of goods for N600 to Ade was not posted, This is an error of
Answer Details
The error described, where the sale of goods for N600 to Ade was not posted, is an error of omission.
An error of omission occurs when a transaction is completely left out and not recorded in the accounting records. In this case, the sale of goods to Ade for N600 was not recorded, which means that the revenue from the sale was not recognized, and the financial statements would not reflect this transaction.
Commission refers to an error where a transaction is recorded incorrectly, while principle refers to the underlying accounting concept or rule being violated. Compensation, on the other hand, refers to making up for a loss or damage caused. However, in this case, none of these options seem relevant to the error at hand.
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