If a Corporation Reports a Net Income, It Should Be

question 9

True/False

If a corporation reports a net income, it should be closed to retained earnings.If it reports a loss, it should be closed to the contributed surplus account.

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Definitions:

Strategic Alliance

A partnership between two or more companies to pursue a set of agreed upon goals while remaining independent organizations.

International Business Environment

Refers to the external factors, including economic, cultural, political, and legal aspects, that influence a company's operations when conducting business across borders.

Licensing

The act of giving official permission to an individual or organization to do something, especially to use intellectual property or conduct certain types of business activities.

Royalty

Royalty is a payment made to the owner of certain property rights, such as patents, copyrighted works, or natural resources, for the use of those rights.