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O = Overstated, U= Understated; NE = No Effect.

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Effects of errors on financial statements:

Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code:

O = Overstated, U= Understated; NE = No Effect.

Please see attachment for table.

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  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
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