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majestico majestico
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7 years ago
When paying off a note payable, last year's accrual was ignored and the total interest was recorded as an expense. This error would cause:
A) the period's net income to be overstated.
B) the period end liabilities to be understated.
C) the period's net income to be understated.
D) the period end assets to be understated.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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OmpaOmpa
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#1
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7 years ago
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