1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False? 2. All property, plant and equipment are capitalized. True or False? 3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?

1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False? 2. All property, plant and equipment are capitalized. True or False? 3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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