Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 50)
Which statement accurately describes the impact of an error where a building cost was incorrectly debited to the Repairs account?
Expenses will be understated
Expenses will be overstated
Profit will be understated
Profit will be overstated
Explanation
The expenses will be understated, so the profit will be overstated.
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