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DIFFERENCE BETWEEN ERROR OF COMMISSSON AND ERROR OF PRINCIPLE

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October 6th 2017 AN ACCA USER 330 Points

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Error of commission is when you recorded wrong amount say on Debit, but something else was recorded with same amount (in total) on Credit, they cover each other, it's mistake, but it's still balance
Error Of Principle is when entry is recorded in the incorrect account, the value recorded was correct, but placed incorrect.
Hope it helped little

November 17th 2017 AN ACCA USER 280 Points
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