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:

Rejection Rules

Guidelines used in hypothesis testing that determine the circumstances under which the null hypothesis should be rejected.

P-Value

Assuming the null hypothesis is applicable, it refers to the chance of recording test results that are at least as notable as the ones actually experienced.

Level Of Significance

The probability of rejecting the null hypothesis when it is actually true, often denoted by alpha (α).