Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 26)
How does an omitted discount allowed of \$200 affect the financial statements?
Expenses understated and capital unaffected.
Expenses overstated and capital unaffected.
Expenses unaffected and capital understated.
Expenses understated and capital overstated.
Explanation
Expenses are overstated.
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