Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 47 - No. 22)
What would be the impact of failing to record accrued interest expense?
Overstated expenses, understated liabilities.
Understated expenses, understated liabilities.
Overstated assets, understated equity.
Understated expenses, overstated liabilities.
Explanation
Failure to record it would result in lower expenses and lower liabilities.
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