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Capital expenditure Essay Topics & Paper Examples

Explain errors of omission and errors of commission.

Explain errors of omission and errors of commission. Ans – == Errors of commission == An error of commission occurs when you record an incorrect value in posting. Such errors include original entry errors, transposition errors, calculation errors and reversal of entries. An original entry error occurs when an incorrect figure is recorded and posted. A prime instance of this is the ten-key error, where you accidentally hit the number above the correct key. For example, if you enter 7, instead of 4, you would get a difference of 3, 30 or 3,000,000 even. The transposition error occurs when you switch two digits in a number. For example, if you enter 71 as 17 or 428 as 824, you have…