If an accrual as at year-end of 1,500 was treated as a prepayment, the net profit for
Question:
If an accrual as at year-end of £1,500 was treated as a prepayment, the net profit for the year would be:
(a) Understated by £1,500
(b) Overstated by £1,500
(c) Overstated by £3,000
(d) Understated by £3,000
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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