If a File with the Specified Name Already Exists When

question 21

True/False

If a file with the specified name already exists when the file is opened and the file is opened in 'w' mode,then an alert will appear on the screen.

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Definitions:

Income Summary

An account to which all income statement account balances are transferred at the end of an accounting period to show the period's profit or loss.

Debit Balance

A situation in accounting where the sum of debits in an account exceeds the sum of credits, often indicating the extent of assets or expenses.

Closing Entries

To transition balances from temporary to permanent accounts, journal entries are executed at the end of the accounting period.

Adjusted Trial Balance

An inventory of accounts and respective balances post-adjustment actions, serving the purpose of crafting financial statements.