Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 49)
If $200 of discount allowed was omitted, how would it affect the financial statements?
Expenses were understated, and capital remained unaffected.
Expenses were overstated, and capital remained unaffected.
Capital was understated, and expenses remained unaffected.
Capital was overstated, and expenses remained unaffected.
Explanation
Expenses were overstated.
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