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:

Credit-Reporting Agencies

Entities that collect and disseminate information about the credit history of individuals and businesses.

Fair Credit Reporting Act

A federal law designed to ensure the accuracy, fairness, and privacy of consumer information contained in the files of credit reporting agencies.

Regulation Z

A set of rules issued by the Federal Reserve Board of Governors to implement the provisions of the Truth-in-Lending Act.

Federal Reserve Board Of Governors

The governing body of the Federal Reserve System, overseeing the central banking system of the United States.