Closing Entries Are Designed to Transfer the End-Of-Period Balances in the Revenue

question 49

True/False

Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to a balance sheet equity account.

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Definitions:

Information Processing

A cognitive approach that considers how individuals encode, store, and retrieve information almost like a computer processing data.

Behaviorist

A proponent of the psychological approach focusing on observable behaviors and the ways in which they're learned, rather than on cognitive or emotional processes.

Piagetian

Piagetian relates to the theories of cognitive development proposed by Swiss psychologist Jean Piaget, focusing on how children develop intellectual abilities.

Psychometric

Relates to the science of measuring mental capacities and processes.