The Entry to Close the Withdrawal Account Was Entered in Reverse

question 56

Multiple Choice

The entry to close the Withdrawal account was entered in reverse - the Withdrawal account was debited and Capital credited. This error would cause

• A) Capital to be understated.
• B) net income to be overstated.
• C) net income to be understated.
• D) Withdrawals to be overstated.

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Definitions:

Sample

A part of a population selected for measurement, observation, or questioning to provide information about the whole.

Population Frame

A complete list of all the items or individuals in the population to be studied, from which a sample is drawn for research.

Sampling Theory

A field of study concerned with the selection of individual observations intended to yield some knowledge about a population, especially for the purposes of statistical inference.

Participant Selection

The process of choosing individuals to take part in a research study based on certain criteria.