A balance of N102 on waged account was transferred as N120. This is error of

Assessment: WAEC SSCE - Financial Accounting - 1990 (Objective) Subject: Financial Accounting

Question 1 Report

A balance of N102 on waged account was transferred as N120. This is error of
Answer Details
The error described is a transposition error. A transposition error occurs when the digits in a number are accidentally reversed or swapped, resulting in an incorrect value. In this case, the original balance of N102 was mistakenly recorded as N120, which means the digits were swapped. The correct balance should have been recorded as N201.
Read lesson note on Accounting Concepts (WAEC)
Read lesson note on Principles Of Double Entry (JAMB)
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