WAEC Book Keeping 2024 Objective — Question 3
Question 3 of 40 from the West African Examinations Council (WAEC) Book Keeping 2024 Objective paper, with the correct answer and a full explanation.
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3. Purchase of machine for #50,000 was debited to purchase account. This is an error of A.
- A. omission.
- B. commission.
- C. principle.Correct
- D. compensation.
Explanation
Error of principle occurs when a transaction is recorded in the wrong class of account.
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