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Multiple Choice Questions

Provision for bad amp doubtful debts is inadequately noted Such an error is of which type ........

General Accounting Principles Accounting cycles
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    Provision for bad & doubtful debts is inadequately noted. Such an error is of which type

     Error of commission

    Incorrect Answer

    Error of omission

    Incorrect Answer

    Compensating error

    Incorrect Answer

    Error of principle

    Correct Answer
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    Explanation:

    Provision for bad & doubtful debts is created to find out the anticipated losses that can occur due to insolvency of the debtor. This is a provision taken under the head liability which is inadequately noted hence error of principle.

    By: Munesh Kumari
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    Let's Discuss

    akshay ghosh

    It is error of partial omission

    0 0 reply

    NIHARIKA WALIA

    Since the provision is inadequately created hence it is an error of principle.

     0 0 reply
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