Accounting for IGCSE & O level - Accounting Procedures (Section 28 - No. 10)
What are the effects to correct the error, advertising expenses which were understated by £300 and sales were understated by £300?
Expenses and revenues have been understated.
The profit will be overstated.
The expenses will increase
The profit will be unaffected
Explanation
The effect on the profit will be unaffected.
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