Marcus operates a hardware store in Port of Spain. He discovered that a cash sale of $1,500 was correctly entered in the Cash Book but debited to the Purchases Account instead of being credited to the Sales Account. What type of error is this?

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Question

Marcus operates a hardware store in Port of Spain. He discovered that a cash sale of $1,500 was correctly entered in the Cash Book but debited to the Purchases Account instead of being credited to the Sales Account. What type of error is this?

Accepted Answer

Error of principle — Award 1 mark for identifying an error of principle, which occurs when an entry is made to the wrong class of account (expense instead of revenue). A is incorrect — error of original entry involves recording the wrong amount initially. B is incorrect — error of commission involves posting to the wrong account within the same class. D is incorrect — compensating errors are two or more errors that cancel each other out.

Answer

Error of commission

Answer

Error of original entry

Answer

Error of principle

Answer

Compensating error

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