The Income Summary Account Is Used to Close the Permanent

question 54

True/False

The Income Summary account is used to close the permanent accounts at the end of an accounting period.

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Definitions:

Environment

The surroundings or conditions in which a person, plant, or animal lives or operates, including both natural and built elements.

Continuous

Uninterrupted in time, sequence, substance, or extent.

Discontinuous

Marked by interruptions or breaks; not continuous or steady.

Contextual

Relating to or depending on the context or surrounding circumstances to understand its full meaning.