9706/11 Accounting May Jun 2024 Online Test | Cambridge AS & A Lev MCQ
A business has calculated its draft profit for the year.
The following information was then discovered.
1 Closing inventory had been overvalued.
2 Irrecoverable debts needed to be written off.
3 Depreciation of non-current assets needed to be reduced.
What is the effect on the profit for the year when these items are adjusted?