The Income Summary Account Is Also Known as the Clearing

question 41

True/False

The income summary account is also known as the clearing account.

---

Definitions:

Population Ecology

A branch of biology that studies the dynamics of species populations and how these populations interact with the environment.

Necrosis

A form of cell injury which results in the premature death of cells in living tissue by autolysis.

Dissolution

The closing down or dismissal of an assembly, partnership, or official body, often referring to the legal termination of an organization’s existence.

Isomorphism

The process through which organizations in the same sector or field become increasingly similar in their structures, processes, and practices, often in response to regulatory, competitive, or cultural pressures.