An accrual is recorded in the general journal when cash is received from making a sale

Group of answer choices

True

False

An account receivable is an obligation that the firm has to pay to non-employee suppliers, such as vendors who provide raw materials. This account is a current liability because it needs to be paid within one year.

Group of answer choices

True

False

Par value is a liability account and is the dollar amount of the total cost of PP&E that has been allocated to depreciation expense.

Group of answer choices

True

False