Accounting for IGCSE & O level - Accounting Procedures (Section 27 - No. 38)
What is the effect on the financial statements of an error of complete reversal?
Profit and financial position unaffected.
Profit and financial position are both impacted.
Profit is affected but financial position is not.
Profit is not affected but financial position is.
Explanation
Both the profit and financial position will be affected if the debits and credits are completely reversed.
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