Question: QUESTION 11 If a firm does not record the payment received from a customer for an accounts receivable, the impact on the financial statements is:

QUESTION 11

  1. If a firm does not record the payment received from a customer for an accounts receivable, the impact on the financial statements is:

    A.

    Cash is overstated and net income is overstated
    B.

    Cash is understated and net income is understated
    C.

    Cash is overstated and liabilities are understated
    D.

    Cash is understated and accounts receivable is understated
    E.

    Cash is understated and accounts receivable is overstated

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