Multiple Choice Questions on Rs 5000 spent on the repairs of building is debited to Machinery A c while it should have been debit........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Rs 5000 spent on the repairs of building is debited to Machinery A c while it should have been debit...........

General Accounting Principles Rectification of Errors
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Rs. 5000 spent on the repairs of building is debited to Machinery A/c while it should have been debited to Repair to Building A/c

Errors of omission

Incorrect Answer

Errors of commission

Incorrect Answer

Errors of principle

Correct Answer

None of the above

Incorrect Answer
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Explanation:

If transactions are recorded in violation of this principle, it is called error of principle i.e. the capital item has been recorded as revenue item and revenue item is recorded as capital item

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