BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Wherein the full transaction is omitted from the books of accounts, it is known as Errors of Omission.

Detailed explanation-2: -Errors of Omission: Errors of omission are those types of errors that are generated when the accountant forgets to record an entry. There can be two variations of such errors, one is the complete omission of transaction in which the transaction is not recorded in books of accounts.

Detailed explanation-3: -An error of omission happens when you forget to enter a transaction in the books. You may forget to enter an invoice you’ve paid or the sale of a service. For example, a copywriter buys a new business laptop but forgets to enter the purchase in the books.

Detailed explanation-4: -A partial error of omission happens when only one part of the transaction is recorded, either debit or credit, but not both. For example, a credit sales transaction is recorded for Cheers Bar in the sales book but is omitted from Sam Malone’s (the owner) account.