Question: David discusses the risks relating to reported current liabilities. He does not include the risk that a liability is omitted altogether. What would be the

David discusses the risks relating to reported current liabilities. He does not include the risk that a liability is omitted altogether. What would be the effect on reported profit of omitting a current liability?

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If a current liability is omitted altogether from the financial statements the reported profit would be overstated This is because current liabilities ... View full answer

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