Financial Accounting MCQ: If the Petty Cash fund is not reimbursed just prior to year end and an appropriate adjusting entry is not made, then | Extra Education

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If the Petty Cash fund is not reimbursed just prior to year end and an appropriate adjusting entry is not made, then

Correct Answer: Cash is overstated and expenses are understated

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Financial Accounting MCQ: If the Petty Cash fund is not reimbursed just prior to year end and an appropriate adjusting entry is not made, then | Extra Education