Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 9)
In the books of finances, the value of goods costed $2,000, purchased on credit from A. Matthews, had not been entered in the accounting records, which financial statement would be affected?
Profit and loss statement
Income statement
Balance sheet
Cash flow statement
Explanation
A balance sheet would be affected because the assets and liabilities would have changed due to not recording the payment.
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