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:

Crystallized Intelligence

The ability to use skills, knowledge, and experience acquired over a lifetime, often increasing with age.

Visual-motor Abilities

Skills that involve coordination between visual perception and motor control, supporting tasks like writing and catching a ball.

G Factor

Spearman’s term for a general intellectual ability that underlies all mental operations to some degree.

S Factor

Also known as the "specific factor," it refers to specific mental abilities as opposed to general intelligence in psychometric testing.