Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 47 - No. 11)
What is the effect on profit if an expense incurred is not recorded in the same period?
Profit is overstated.
Profit is understated.
It has no effect on profit.
Profit is zero.
Explanation
Not recording an expense will lead to a higher calculated profit than is accurate.
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