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If the journal entry to record an accrued liability were accidentally recorded twice, it would:

a. Understate income for the year.

b. Overstate income for the year.

c. Have no effect on income for the year.

d. Understate accrued liabilities at the end of the year.

Accounting Financial Accounting Finance Financial Statements
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Question added by Mohamed Hakeem Meerashahib , Branch Manager , Sri Lanka State Trading (General) Corporation
Date Posted: 2016/03/04
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Frank Mwansa
by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

A. Understate income for the year

Sethumadhavan krishnan
by Sethumadhavan krishnan , Personnel Affairs Supervisor , Saudi Catering & Contracting

Operating exp 150.00 Prepaid exp 10.00 Accrued paid 5.00 So total operating exp. is $.165.00

abdelaziz allam
by abdelaziz allam , محاسب اول , شركة كامبردج مصر للاستثمار التعليمي ش.م.م

a. Understate income for the year...............

mostafa adel
by mostafa adel , Accounting , accounting office

d

understate accrued liabilities at the end of the year .                                                                                                                                     

 

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