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Subject - Accounting:

General Concepts

MCQ - 54-56

Question:

If £500 was shown added to Purchases instead of being added to a fixed asset:

  1. Net profit only would be overstated
  2. Both gross and net profits would be understated
  3. Net profit only would be understated
  4. Both gross and net profits would be understated

Correct Answer: B

Explanation:

Not available

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Record Performance

355 MCQ for effective preparation of the test of General Concepts of Accounting section.

Read the MCQ statement: If £500 was shown added to Purchases instead of being added to a fixed asset:, keenly and apply the method you have learn through the video lessons for General Concepts to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 54-56.

How to Answer

Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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