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When you overstated accrued expense in the previous year, how do you correct it in the current year?

Accounting Expense Management Expenses Accounting and Finance
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Question added by Mosa Peta
Date Posted: 2017/11/01
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Khateeb Hussain
by Khateeb Hussain , Senior Branch Accountant , Medicas International

It is called prior year's adjustment, liability account would be debited and profit and loss account would be credited to correct the error in current year.

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