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Suppose that an entity has paid one of its liabilities twice during the year, in error. The effects of this mistake would be Choose one
Suppose that an entity has paid one of its liabilities twice during the year, in error. The effects of this mistake would be
Choose one answer.
a. Assets, liabilities, and equity are understated. | |
b. Assets, net income, and equity are unaffected. | |
c. Assets and liabilities are understated. | |
d. Assets and net profit and equity are understated, and liabilities are overstated. |
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