O-LevelAccountingAccounting principles and policies7707/11 · May/June 2013 · Q151 Mark
The cost of motor vehicle repairs was debited to the motor vehicle account. How would this affect the profit and the non-current assets? | | profit for the year | non-current assets | |---|---|---|---| | | understated | overstated | understated | overstated | | A | ✓ | | | ✓ | | B | ✓ | | ✓ | | | C | | ✓ | | ✓ | | D | | ✓ | ✓ | |
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Aunderstated ✓, overstated ✓
Bunderstated ✓, understated ✓
Coverstated ✓, overstated ✓
Doverstated ✓, understated ✓
✓ Correct answer
D: overstated ✓, understated ✓
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