Errors of Omission are:
A. Technical errors
B. Errors of principle
C. Compensating errors
D. None of the above
Answer: Option D
Solution (By Examveda Team)
Errors of omission occur when a transaction is completely or partially left out of the accounting records.They are not classified as technical errors, errors of principle, or compensating errors.
Technical errors arise from incorrect application of accounting methods, errors of principle involve violation of fundamental accounting principles, and compensating errors offset each other.
Since errors of omission do not fall under any of these categories, the correct answer is Option D.
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Comments (1)
Related Questions on Auditing
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
I think answer is D. Please review this question.