ABC Company failed to record accrued salaries expense of P50,000 as of December 31, 2022. 1. Which of the following accounts is(are) understated by P50,000 at the end of year 2022 as a result of the error? Accrued salaries for payable only Both accrued salaries payable and salaries expense Salaries expense only None among the choices
ABC Company failed to record accrued salaries expense of P50,000 as of December 31, 2022. 1. Which of the following accounts is(are) understated by P50,000 at the end of year 2022 as a result of the error? Accrued salaries for payable only Both accrued salaries payable and salaries expense Salaries expense only None among the choices
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Company failed to record accrued salaries expense of P50,000 as of December 31, 2022.
1. Which of the following accounts is(are) understated by P50,000 at the end of year 2022 as a result of the error?
Accrued salaries for payable only
Both accrued salaries payable and salaries expense
Salaries expense only
None among the choices
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