Accounting for IGCSE & O level - Accounting Procedures (Section 16 - No. 23)
What is the impact on the statement of financial position for not including prepaid expenses?
Increase trade payables by $1,000
Increase draft profit by $1,000
Increase prepaid expenses by $1,000
Reduce trade receivables by $1,000
Explanation
The prepaid expenses were not recorded in the accounts
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