The First Entry to Close Accounts Is to Credit Revenue

question 63

True/False

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

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Definitions:

Diet

The combination of foods and beverages consumed by an individual or group, often considered in the context of nutrition and health.

Weight Loss

The reduction in total body mass, due to a mean loss of fluid, body fat, or lean mass.

Diastolic Blood Pressure

The pressure in the arteries when the heart rests between beats, the lower number in blood pressure readings.

Double-Blind

A study or experimental design in which neither the participants nor the researchers know which participants belong to the control group, nor the test group, until the results are analyzed.