Receiving Payments on an Account Receivable Increases Both Equity and Assets

question 16

True/False

Receiving payments on an account receivable increases both equity and assets.

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Definitions:

Postbox Rule

A principle in contract law stating that an offer is considered accepted at the moment the acceptance is sent, not when it is received by the offeror.

Simon Fraser University

A public research university located in British Columbia, Canada, known for its comprehensive academic and research programs.

Method of Acceptance

The ways in which an offeree can accept an offer in contract law, such as by performance, promise, or as otherwise stipulated in the offer.

Smoked Salmon

Smoked Salmon is a preparation of salmon, typically cured and then smoked, either hot or cold, used as a delicacy in various cuisines.