Sale of goods for N500 to Eddy was not posted. This is an error of

Assessment: WAEC SSCE - Financial Accounting - 1994 (Objective) Subject: Financial Accounting

Question 1 Report

Sale of goods for N500 to Eddy was not posted. This is an error of
Answer Details
The error in not posting the sale of goods for N500 to Eddy is an omission error. Omission error refers to a situation where a transaction is completely left out or not recorded in the accounting system. In this case, the sale to Eddy was not recorded at all, which makes it an omission error. To correct this error, the transaction should be posted to the relevant account(s) and the accounting records should be updated accordingly.
Read lesson note on Incomplete Records And Single Entry (JAMB)
View Answer

Related Questions

1

Cash discount is given for
2

Where a proprietor withdraws cash from bank for office use, the entries would be
3

Cash discount is given for
4

Which of the following statements is not valid?
5

Carriage outwards is charged to the
6

Where there is no partnership agreement, any contribution in excess of the agree capital attracts
7

When a buyer is undercharged, the seller forwards
8

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning