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.Management Sciences
A. Errors which affect one account can be errors of posting
B. Errors of omission arise when any transaction is left to be recorded
C. Errors of carry forward from one year to another year affect both Personal and Real A/c
D. Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner
Error of Commission arises because of wrong recording, wrong casting, wrong carry
forward, wrong posting, wrong balancing etc.
Related Mcqs:
- Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
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- Fresh capital introduction will increase____________?
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- Which of the following is true regarding closing entries?
- A. They must be followed by reversing entries B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account C. They must be made after the reversing entries but before the adjusting entries D. They must be made after the adjusting entries but before the reversing entries...
- The Profit and Loss Account shows the:
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- A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
- A. 30th June,2018 B. 1st July,2018 C. 4th July,2018 D. 4th August,2018...
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