Revenue and Expense Accounts Are Permanent Accounts and Should Not

question 41

True/False

Revenue and expense accounts are permanent accounts and should not be closed at the end of the fiscal period.

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Definitions:

Perceptual Selection

The process by which individuals unconsciously or consciously select which sensory information to focus on and process.

Internal Factor

Elements within an organization or individual that can affect performance, decisions, and outcomes, such as values, culture, or resources.

Perceptual Process

The sequence of steps that includes the gathering, organizing, and interpretation of sensory information to understand an environment or situation.

Internal Factor

Influences originating within an individual, such as personal beliefs, values, and biological characteristics.