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Omission of a transaction

A complete omission occurs when neither side of a transaction is recorded. Correct the error by recording both missing sides in the appropriate accounts. For example, debit receivables and credit revenue for the omitted credit sale. Investigations must therefore look beyond the arithmetic agreement of the trial balance. An omitted cash purchase would similarly leave both the cash payment and purchase unrecorded. Examine source documents and missing sequence numbers to find such errors.

Worked example

A credit sale omitted entirely understates revenue and receivables.

Common mistake

A trial balance can still agree: matching debit and credit omissions do not cause a difference.

Where it appears in your exams

QualificationExamRelationshipPeriod
ACCA F1 Direct July 2027–August 2028
ACCA FA Direct September 2026–June 2027
ACCA K1 Direct July 2027–August 2028
FIA FFA Direct September 2026–June 2027

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