Gavon. Ltd. failed to record N2,000 wages. The error committed is that of

The error committed by Gavon Ltd. of failing to record N2,000 wages is an example of omission. Omission refers to a situation where a transaction is completely left out or forgotten in the accounting records. In this case, the company failed to record the wages of N2,000, which means that it was not included in the company's financial statements, making them incomplete and inaccurate. This is different from commission, which refers to a situation where a transaction is recorded but with an incorrect amount or account. The principle refers to a fundamental rule or concept that guides accounting practices, while compensation refers to payment or benefits given to employees. Original entry refers to the initial record made in the accounting system for a transaction.