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As I know understatement is a number which is higher than the correct numbers. and overstatement is a number which is less than the correct numbers
Correct number : 270
Understatement: 278Overstatement: 262
Is that correct ? I’m getting confused whenever i solving asset expenditure and expenses problem i got confused. When a expense correct amount is 600 in question recorded as 520 is that effect in assets understatement or overstatement ?
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