P 20,000 rental payment was not recorded in the books. What is the type of this error ? O Error of omission O Compensating error O Error of original entry O Error of commission

7&8

Extracted text: P 20,000 rental payment was not recorded in the books. What is the type of this error ? O Error of omission O Compensating error O Error of original entry O Error of commission


Extracted text: Which of the following statements is not correct regarding combined statement of financial position errors and income statement errors? O It affects both real and nominal accounts. O It results to misstatement of the statement of financial position. O It can be classified as counterbalancing errors and non-counterbalancing errors. O It does not affect net income.