error of principle

error of principle
error of principle ˌerror of ˈprinciple noun errors of principle PLURALFORM [countable]
ACCOUNTING when an entry is put into the wrong kind of an account in a set of accounts, for example a receipt entered as a payment, or a purchase entered as a sale

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error of principle UK US noun [C] ACCOUNTING
a mistake that consists of putting an amount into the wrong account in a set of accounts: »

An error of principle is when a transaction affects the same type of account, so does not apply if a debit and credit account are involved.


Financial and business terms. 2012.

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