Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 22)
If a building was debited instead of repairs and the expenses are understated. What will be the outcome for the profit?
The profit will increase.
The profit will decrease.
The profit will be unaffected.
The profit will be zero
Explanation
If the expenses were understated, which will cause the profit to increase.
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