After Posting the Entries to Close All Revenue and Expense

question 31

True/False

After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $4,000 debit balance. This result implies that Cleaver earned a net income of $4,000.

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Federal Laws

Laws passed by the national government of a country, applicable across the entire country, as opposed to state or local laws which only have local jurisdiction.

Federal Regulation

Rules prescribed by federal agencies designed to govern business practices and protect public welfare.

Preempted

The action of precluding or taking precedence over something, often referring to federal laws that take precedence over state laws in the same domain.

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Legislation that is enacted and enforced by a state's legislative body, governing matters not reserved to the federal government by the Constitution.