Revenue Accounts Are Closed by Crediting Them and Debiting Retained

question 84

True/False

Revenue accounts are closed by crediting them and debiting retained earnings.

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Definitions:

Washington Administration

The period of George Washington's presidency from 1789 to 1797, marked by the establishment of many protocols in the executive branch of the U.S. government.

Republicanism

A political ideology centered around the concept of a republic, where the government's authority comes from the consent of the governed rather than inherited monarchial power.

Assumption of State Debts

The process by which a central government takes on the financial obligations of its smaller constituent units, often to standardize and manage public debt more effectively.

Political Deal

An agreement or compromise made between political parties or leaders, often in legislative contexts.