A Will Is Very Informal and May Be Created in Any

question 36

True/False

A will is very informal and may be created in any reasonable manner.

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Definitions:

Income Summary

An account used during the closing process that summarizes the revenues and expenses of an accounting period to calculate the net income or loss.

Temporary Account

A temporary account is an account that is closed at the end of each accounting period, with its balance transferred to a permanent account.

Real Accounts

Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period.

Nominal Accounts

Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts, which are used to calculate the period's net income or loss.