Entity: ERROR-OF-COMMISSION
Error of commission refers to a mistake made while recording financial transactions, resulting in an inaccurate entry but still recording the transaction type in the correct category.
ERROR-OF-COMMISSION
Etymology
The term 'error of commission' originates from the field of accounting and finance.
Definition
Error of commission refers to a mistake made while recording financial transactions, resulting in an inaccurate entry but still recording the transaction type in the correct category.
Historical Context
The concept of error of commission has been prevalent in accounting practices for many years, highlighting the importance of accurate financial record-keeping.
Cultural Significance
In the business world, error of commission can have significant consequences, impacting financial statements and decision-making processes.
Related Concepts
- Error of Omission
- Accounting Errors
See Also
A mistake that consists of doing something wrong, such as including a wrong amount or putting an entry in the wrong account in a set of account books.