Closing Revenue and Expense Accounts to the Income Summary Account

question 166

True/False

Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.

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Definitions:

Stomata

Tiny openings or pores in plant leaves and stems that allow for gas exchange, facilitating photosynthesis and transpiration.

Vascular Cambium

A layer of tissue in plants that is the source of new cells for growth in diameter of stems and roots.

Secondary Growth

This is the process in plants that results in the thickening of stems and roots, mainly due to the activity of the vascular cambium and cork cambium.

Xylem

The vascular tissue in plants responsible for the conduction of water and nutrients from the roots to other parts of the plant.