Give An Omission Error Definition In A Clear Way.

Asked By Jonathan Roya 0 points N/A Posted on - 04/17/2017

I am a person who is eccentrically intrigued in the field of financing and business. There are lots of omission error definitions that can be found everywhere. What does it mean?

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Answered By James B Wiser 15 points N/A #294614

Give An Omission Error Definition In A Clear Way.

Error of omission is an error which occurs when an action does not take place, or something has been missed. In accounting, this error occurs when entries needed for a particular transaction are entirely omitted from the books. The Cambridge dictionary defines it as the mistake as a result of an action that did not take place but should have taken.

It can be a mistake due to an omission of amount or fact that needs inclusion. So, if you are a disciple of Finance, you should check all the entries in your account book, and make sure that they are not completely missed. It avoids the error of omission.

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• Posted on - 04/17/2017
• Question Category: OS