i. The unintentional omission or commission of amounts and accounts while recording the transactions is known as an error.

Do you agree or disagree with the following statement:

i. The unintentional omission or commission of amounts and accounts while recording the transactions is known as an error.

ii. The errors committed due to wrong recording, wrong posting, wrong totaling, wrong balancing, wrong calculations are known as Arithmetical errors.

iii. When one or more debit errors happen to equal one or more credit errors it is said to be a Compensating error.

iv. The agreement of Trial balance is not affected when a transaction is not recorded at all in the original Books.

v. When a transaction is not recorded according to the principles of accounting it is known as Compensating error.