Closing Entries Result in the Owner's Capital Account Being Transferred

question 164

True/False

Closing entries result in the owner's capital account being transferred into net income or net loss for the period ending.

---

Definitions:

Interpersonal Communication

The process of exchanging information and feelings between two or more people through verbal and non-verbal methods.

Communication

The process of transferring information, meaning, and understanding from one person or group to another through verbal, non-verbal, or written mediums.

Drive To Bond

The inherent human desire to form connections and relationships with others, influencing social interactions and community building.

Email

A method of exchanging digital messages over the Internet using electronic devices like computers and smartphones.