Expense Accounts Are Closed by Crediting Them and Debiting Retained

question 79

True/False

Expense accounts are closed by crediting them and debiting Retained Earnings.

---

Definitions:

Cumulative Effects

The overall impact of multiple factors or actions, considered collectively rather than individually.

Inoculate

To introduce a microorganism or vaccine into an organism to stimulate immunity against a specific disease or to impart a specific quality.

Intense Changes

Significant and often drastic alterations in a situation, organization, or environment that require rapid adaptation or response.

Exploitation

Exploitation involves taking unfair advantage of individuals or resources usually for personal gain or benefits, often violating principles of equality and justice.