WAEC Accounting 2014 Objective — Question 13

Question 13 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.

An error of principle is made, if

A. an entry has been made in the wrong class of accountCorrect
B. a transaction has been completely omitted
C. an entry has been made on the wrong side of the two accounts concerned
D. a transaction is entered in both accounts for the wrong amount

Explanation

When an entry is made in the wrong class of account, such as entering motor van repair in the motor van account (a capital account) instead of an expense account, this is an error of principle.

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