Which statement about accounting errors is incorrect?

Show Answers

Errors impacting a single account are known as posting mistakes.Errors of omission occur when a transaction is completely omitted from the records.Errors carried over from one accounting period to the next affect both Personal and Real accounts.Errors of commission happen when transactions are recorded in a fundamentally inaccurate way.None of the above.

Explanation

Option D is incorrect because errors of commission typically involve mistakes such as incorrect recording, misposting, wrong calculations, or faulty carry forward, but they do not necessarily mean the transaction is recorded in an entirely wrong manner. Errors of posting affect single accounts, errors of omission arise from unrecorded transactions, and errors carried forward impact both Personal and Real accounts.