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QUESTION
Suggest one (1) consequence of improperly classifying an account type (e., if an expense is classified as an asset or an asset is classified as an...
Suggest one (1) consequence of improperly classifying an account type (e.g., if an expense is classified as an asset or an asset is classified as an expense). Describe the effect on at least two (2) of the four (4) major financial statements: Profit & Loss (Income) Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.
