The Steps in the Closing Process Are (1) Close Credit

question 130

True/False

The steps in the closing process are (1) close credit balances in revenue accounts to Income Summary; (2) close debit balances in expense accounts to Income Summary; (3) close Income Summary to Owner's Capital; (4) close Withdrawals to Owner's Capital.

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Definitions:

Aversive Conditioning

A form of behavior therapy that involves reducing undesirable habits by teaching the subject to associate an unpleasant or aversive stimulus with the habit.

Electric Shock

A sudden discharge of electricity through a part of the body, potentially causing injury or neurological effects.

McClelland's Need

A motivational theory that identifies three primary needs driving human behavior: need for achievement, need for affiliation, and need for power.

Maslow's Needs

A hierarchy developed by Abraham Maslow that categorizes human needs into five levels, from basic physiological needs to self-actualization, influencing motivation and behavior.