Accounting for IGCSE & O level - Accounting Procedures (Section 6 - No. 47)
If a sales commission of \$140 was incorrectly posted as \$400, how will this impact the draft profit?
Profit is overstated by \$260.
Profit is understated by \$260.
Profit is overstated by \$300.
Profit is understated by \$300.
Explanation
Profit is understated by \$260.
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