Net Income of a Corporation Should Be Closed to Retained

question 175

True/False

Net income of a corporation should be closed to retained earnings and net losses should be closed to paid-in capital accounts.

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Definitions:

Vertical Axis

In charting, the y-axis along which the height of bars, points, lines, etc., represent the measured value or frequency of occurrence.

Total Row

A feature in spreadsheets and databases that automatically calculates the sum, average, or other statistical measures for a range of cells or values.

Split Cells

A feature in spreadsheet and table management software that divides a cell into multiple cells, either horizontally or vertically.

Merge Cells

The process of combining two or more adjacent cells in a spreadsheet or table into a single cell, often for formatting or to make headings clearer.