Not doing something that one should have done is Error of Omission. Doing something that one should not have done is Error of Commission.
is called error of omission
An error of omission arises when any transection is left out to be recorded in the books of accounts either wholly or partially.When there is omission to record entries transection it becomes difficult to locate the errors since it will not affect the trial balance.
ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.
An error of omission is the failure to take some action that should have been taken by one with comparable knowledge and under under similar circumstances. It essentially equates with the concept of negligence.
mc100202119 1) Errors of Omission 2) Errors of Commission 3) Errors of Principle 4) Errors of Commission
compensating errors error of omission error of commission error of principles complete reversal of entries error of original entry
Professional Liability Insurance or an Errors and Omissions policy provides coverage for liabilities that may arise from the practice of your profession.
Denied
Omission is a noun.
An omission is when something is left out.
The omission of his name from the movie credits is regrettable. He lied by omission when he failed to say that he had in fact been there that night. It was an omission to not give the winner a prize.
Errors & Omission Insurance is suggested.