Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 40)
When a payment to an employee has been debited to wages and credited to the bank account, which two financial statements will be affected?
Only the income statement
Only the balance sheet
The income statement and the balance sheet
The cash flow statement
Explanation
This error will affect the income statement through expenses (wages) and the balance sheet through cash.
Comments (0)
