Closing Revenue and Expense Accounts to the Income Summary Account

question 233

True/False

Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.

---

Definitions:

Environmental Racism

The practice of placing environmentally hazardous sites near marginalized communities based on race or socioeconomic status.

Smart-Growth

An urban planning and transportation theory that focuses on sustainable development and environmental protection.

Bystander Effect

A phenomenon within social psychology where individuals become less inclined to assist a victim when there are other bystanders around.

World Trade Center

A large complex of office buildings in Lower Manhattan, New York City, well-known for being the site of the September 11, 2001 terrorist attacks.