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Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTrial Balance and Rectification of Errors1 Mark
MCQ
Treating a revenue expense as a capital expenditure is an example of __________.
  • A
    Compensating errors
  • ✓
    Errors of principle
  • C
    Errors of omission
  • D
    Errors of commission
✓

Answer

Correct option: B.
Errors of principle
When an fundamental accounting principles are not followed while recording a transaction, it is an error of principle.
For example, treating capital expenditure as revenue expenditure or vice -versa.
For example, purchase of machinery is debited to trading purchases. Its an error of principle.

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