Accounting for IGCSE & O level - Accounting Procedures (Section 10 - No. 50)
When would the owner's perception of the business be altered?
If profit is understated.
If profit is overstated.
If non-current assets are undervalued.
If expenses are correct.
Explanation
In the case where profit or non-current assets are undervalued, this will create a negative perception of the business
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