Choose the correct answer Which circumstances require modified nominal accounttreatment?a) Special purpose entities demand unique closingproceduresb) Standard closing entries always sufficec) Nominal accounts never need modificationd) Year-end procedures remain constant

Explanation of Nominal Accounts:Nominal accounts are temporary accounts used to record income,…

Answered: Which circumstances require modified…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 1MC

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21. The A/R subledger is updated in each of the following situations EXCEPT when we: a. Record a sale on account b. Record the receipt of a customer's payment on account c. Authorize a customer to return items from a previous sale on account d. Write off a customers outstanding account balance because they have filed bankruptcy and will not be able to pay
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

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Which circumstances require modified nominal account treatment? a) Special purpose entities demand unique closing procedures b) Standard closing entries always suffice c) Nominal accounts never need modification d) Year-end procedures remain constant