Maintenance charges of equipment debited to Equipment Account is an ________*1 pointError of commissionError of OmissionError of PrincipleNone of the above
Question
Solution 1
The correct answer is "Error of Principle".
Here's why:
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An Error of Principle occurs when the fundamental principles of accounting are not observed, or there is a violation of these principles.
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In this case, maintenance charges for equipment should not be debited to the Equipment Account. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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