To Close Net Income to Retained Earnings, Income Summary Is

question 131

True/False

To close net income to retained earnings, Income Summary is debited and Retained Earnings is credited.

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Definitions:

Grab

The act of quickly taking hold of something or someone with the hand.

Cognitive-Developmental Theory

The stage theory that holds that the child’s abilities to mentally represent the world and solve problems unfold as a result of the interaction of experience and the maturation of neurological structures.

Piaget

A Swiss developmental psychologist and philosopher best known for his pioneering work in child development, particularly his theory of cognitive development.

Psychosexual Stages

are a series of developmental phases in Freudian psychoanalysis, where the pleasure-seeking energies focus on distinct erogenous zones from infancy through adulthood.