An Expense Account Is Closed with a Credit to the Expense

question 37

True/False

An expense account is closed with a credit to the expense account and a debit to the Income Summary account.

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Definitions:

Emergent Norm Theory

A theory in sociology suggesting that norms and behaviors in crowds and social groups emerge spontaneously and are negotiated among members, rather than being inherent or fixed.

Convergence Theory

A concept in sociology that suggests differences among societies will decrease over time due to globalization, leading to similar social, political, and technological practices.

Contagion Theory

A sociological theory that suggests ideas and emotions can spread through populations like infectious diseases.

Contagion Theory

A theory in social psychology that suggests ideas, attitudes, and behaviors spread through groups like diseases, influenced by the power of the crowd.