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If a company fails to record an accounts payable transaction, what is the likely impact on the financial statements? A. Overstated liabilities and expenses B. Understated liabilities and expenses C. Overstated assets and equity D. Understated assets and equity

If a company fails to record an accounts payable transaction, what is the likely impact on the financial statements? A. Overstated liabilities and expenses B. Understated liabilities and expenses C. Overstated assets and equity D. Understated assets and equity

Database System Concepts
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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If a company fails to record an accounts payable transaction, what is the likely impact on the financial statements? A. Overstated liabilities and expenses B. Understated liabilities and expenses C. Overstated assets and equity D. Understated assets and equity
Transcribed Image Text:If a company fails to record an accounts payable transaction, what is the likely impact on the financial statements? A. Overstated liabilities and expenses B. Understated liabilities and expenses C. Overstated assets and equity D. Understated assets and equity
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