The following statements relate to the business transactions topic. Choose all of the statements that are true:

All accrual accounting systems, no matter how simple or complex, follow the same basic recording rules.

Under double entry accounting, all transactions will only affect a maximum of two elements in a business.

A numerical error in recording an item in the accounting system will often become evident when the balance sheet does not balance.

An owner-related transaction that involves withdrawing inventory for personal use would affect the income statement and statement of changes in equity.

Generally speaking, business events are important and relevant for an entity but often lack the criteria to enable recording.