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AccountancyCLASS 11CBSE
answered 23 Jun 2026

What is the error of principal?

A.VERIFIED ANSWERfact-checked by tutors

Errors of principle:- Accounting entries are recorded as per the generally accepted accounting principles. If any of these principles are violated or ignored, errors resulting from such violation are known as errors of principle. An error of principle may occur due to incorrect classification of expenditure or receipt between capital and revenue.

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ACCOUNTANCY · CLASS 11