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GO Classes Test Series 2024 | Mock GATE | Test 14 | Question: 4

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Choose the most appropriate alternative from the options given below to complete the following sentence:
Mistakes involving wrong posting are called as errors of _______.

  1. Compensating
  2. Omission
  3. Principle
  4. Posting clerical error
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Answer: D

Compensating errors- When a debit item written in credit and credit is written in debit for the same amount.

Error of omission- An item is completely omitted in recording.

Error of principle- Revenue item is charged to capital or vice versa.

Error of Commission or Posting clerical error - Posting of a correct amount in to a wrong account.

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