If 500 was shown added to Purchases instead of being added to a fixed asset (A) Net

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If £500 was shown added to Purchases instead of being added to a fixed asset

(A) Net profit only would be understated

(B) Net profit only would be overstated

(D) Both gross and net profits would be understated.

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Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Aug 19, 2023 11:31 PM

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If 500 was shown added to Purchases instead of being added to a fixed asset (A) Net

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The correct answer is B Net profit only would be overstated When an expense is mistak...View the full answer

Frank Woods Business Accounting Volume 1

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