The First Entry to Close Accounts Is to Debit Revenue

question 46

True/False

The first entry to close accounts is to debit Revenue and credit Income Summary.

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Definitions:

Tension Release

The process of alleviating psychological or physical stress through various means such as relaxation techniques or expression of emotions.

Object Relations Theory

A psychoanalytic theory focusing on the significance of early relationships and their impact on emotional development and future interactions.

Future Relationships

The potential or expected connections and interactions between individuals or entities in the time to come.

Parents

Guardians or caretakers of a child or children, typically consisting of a mother and father.