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:

Personal Jurisdiction

The power of a court to make decisions affecting the personal rights of a defendant.

Moot

refers to an issue or case that has been resolved or is no longer relevant, and therefore, there is no longer a need for court adjudication.

Settled

The resolution or conclusion of a dispute, transaction, or legal case, often involving compromise or agreement by all parties.

Moot

Pertains to an issue that is debatable or questionable but has no practical value or relevance, often because circumstances have changed.