After Posting the Closing Entries,all the Revenue Accounts and All

question 95

True/False

After posting the closing entries,all the revenue accounts and all the expense accounts are zero and the Retained Earnings account has been debited for $4,000.This implies that the company had a net income of $4,000.

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Definitions:

Financial Assets

Financial assets such as stocks and bonds are claims to the income generated by real assets or claims on income from the government.

Directly Contribute

To have a clear and straightforward impact on an outcome or result.

Indirectly Contribute

To assist or influence in a secondary manner or through an indirect channel or system.

Real Asset

Physical or tangible assets, such as real estate, commodities, or natural resources, which have intrinsic value.