Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 18 - No. 48)
What is the effect on profit if an expense is recognized in the wrong period?
No effect on profit.
Profit is misstated.
Increase in profit.
Decrease in profit.
Explanation
If an expense is not recognized in the correct period, the net profit will be inaccurate.
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