ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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ERROR OF OMISSION Definition
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.
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MINIMUM PAYMENT is the minimum amount that you must pay, e.g. usually monthly on a home equity loan or line of credit. In some payment agreements the minimum payment may be "interest only" (simple interest). In other loan agreements, the minimum payment may include principal and interest (amortized).
COST OF SALES see COST OF GOODS SOLD.