Accounting for IGCSE & O level - Accounting Procedures (Section 21 - No. 9)
Which of the following are errors that affect profit calculation?
The error where a cash purchase of £45 has been omitted.
A payment of £500 to an employee was credited to the wages account and debited to the bank account.
A sales commission of £160 amount and misposted as £400
Advertising expenses were understated by £300 and sales were understated by £300.
Explanation
Omission has no impact, other errors affect expenses, revenue which means they affect profits.
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