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What is the error of principal?

AccountancyClass 11CBSEAnswered 23 Jun 2026
Answer

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.

Accountancy · Class 11