Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 20)
Which of the following errors would affect the net profit calculated for the period?
Goods sold on credit recorded in the cash account.
Failure to record depreciation expense.
Incorrect posting of a sales invoice to a customer's account.
Purchase recorded twice.
Explanation
Incorrect revenue and depreciation expense directly affect profit calculations.
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