Accounting for IGCSE & O level - Accounting Procedures (Section 2 - No. 19)
How does a misposting of a sales commission ($140 actual, $400 recorded) affect the draft profit?
Profit is overstated by $260.
Profit is understated by $260.
Profit is overstated by $300.
Profit is understated by $300.
Explanation
Profit is understated by $260.
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