What among the following is an example of compensating errors?
· Errors of Commission - When an error is committed in recording a transaction with wrong amount or posting to wrong side of the account, it is called an 'Error of Commission'. Following are some of the examples: · Posting of correct amount but on the wrong side · Posting of a wrong amount but on the correct side · Errors of Omission - When a transaction is completely or partially omitted to be recorded in books of account, it is called an 'Error of omission'. · Goods are purchased on credit from Mr. A. This transaction is not recorded in the purchase journal. This is called error of 'Complete omission' – MATCHES Trial Balance · If the above entry is recorded in purchase journal but remains to be posted to the supplier, Mr. A's account, then it will be called 'Partial omission' – DOESN’T MATCH the Trial Balance · Compensating Errors - When one mistake nullifies the wrong effect of another, it is called a compensating error. These are two or more in number and balance each other. · Example - total of rent account is undercast by Rs. 1,000 and the total of printing and stationery account is overcast by Rs. 1,000 Errors of Principle - These are errors arising from not observing the accounting principles correctly, e.g. wages paid for installation of machinery debited to wages account.
(53 + 480 ÷ 4)% of 20 = ?% of 70
567-4824 ÷ 134 =? × 9
68% of 450 – 1008 ÷ 14 + 516 ÷ 43 =?
690 ÷ (75% of 460) = ? ÷ (50% of 160)
The sum of two numbers is 16 and their product is 63. The sum of their reciprocal is equal to:
√2401 × (√2116 ÷ 23) × 21 ÷ 3 = ?
(320 + 342 + 530 + 915) ÷ (20 + 22 – x + 18) = 43, then the value of x is:
7(3/6) of 534 + 262 = 61800 - ?
84% of 800 + 70% of 640 = 14 × ?
`sqrt(7744)` - `sqrt(4761)` + `sqrt(8281)` + `sqrt(5625)` + ? = 1856