Error of Omission

AFM Trial Balance, Rectification of Errors and Adjusting & Closing Entries Free JAIIB Capsule 18 views Updated
Capsule FREE
AFM · Trial Balance, Rectification of Errors and Adjusting & Closing Entries
What happens when a transaction is completely left out of the books of original entry?
Tap to flip and reveal the answer

Premium Content

This answer is available to premium members

Unlock Premium
18 views

What happens when a transaction is completely left out of the books of original entry?

The full answer is part of ClearShorts Premium

This capsule covers Accounting & Financial Management for Bankers, Trial Balance, Rectification of Errors and Adjusting & Closing Entries. Members get the complete explanation plus every other premium capsule, mock test and PDF.

See membership plans

Comments (0)

Login to post a comment.

No comments yet. Start the discussion!

Related JAIIB AFM Capsules

Capsule PRO
When an organization runs a specific safety drive or a middle-management training course, what type of budget is used?
Programme Budgeting. It is prepared for a specific activity or program, detailing targets, revenues, and expenditures for that event only.
Capsule PRO
What is the composition and primary role of the Budget Committee in a large firm?
Composed of representatives from various departments, it coordinates, finalizes, and assumes overall responsibility for the master budget.
Capsule PRO
In the context of implementing budgetary control, what constitutes a 'Budget Centre'?
It is a specific section of the organization with clearly defined functions, for which a separate budget is prepared and controlled.
Capsule FREE
What is the most widely accepted definition of Accounting given by the American Institute of Certified Public Accountants (AICPA)?
It is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions of a financial character.
Capsule PRO
What is the purpose of the 'Budget Manual' distributed within a company?
It is a rulebook detailing instructions, guidelines, responsibilities, and timelines for preparing and using budgets across the organization.
Capsule PRO
How does a financial budget conceptually differ from a simple financial forecast?
A forecast is an assessment of probable future events. A budget is a planned operating and financial goal that implies commitment to achieve it.
App Icon
Install ClearShorts App
Study offline, anytime