Which type of error occurs when a transaction is completely omitted from the books of original entry?

Explanation

Core Concept: An Error of Omission happens when a business transaction is entirely left out of the journal and ledger, so debits and credits remain equal but incomplete. Context/Distractors: Error of Principle breaks accounting rules (e.g., treating capital expenditure as revenue expenditure). Error of Commission posts to wrong account within correct class. Exam Tip/Key Fact: Complete omission does NOT affect trial balance agreement.