Accounting for IGCSE & O level - Accounting Procedures (Section 22 - No. 27)
What is the impact of not recording an electricity bill on the profit and loss for the period?
The profit will be overstated.
The profit will be understated.
The profit will be correct.
The profit won't be affected.
Explanation
Failing to record the expense leads to an overstatement of profit.
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