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Business

Accounting

What are the different types of errors that are found in the books of accounts?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

What are the different types of errors that are found in the books of accounts?

Expert Solution

Step 1

Accounting error:

Accounting errors can be defined as omission of the fundamental accounting principles in the financial statements.

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