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At the end of 2015 financial year P Ltd. omitted the usual adjusting entry for accrued salaries and wages it owed to its employees. Which

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At the end of 2015 financial year P Ltd. omitted the usual adjusting entry for accrued salaries and wages it owed to its employees. Which of the following statements is true? Overstate profits, overstate assets. Overstate profits, overstate liabilities. Understate profits, understate liabilities. Overstate profits, understate liabilities. There is no effect on the consolidated balance sheet

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