A Dim Statement Can Be Used to Specify Initial Values

question 31

True/False

A Dim statement can be used to specify initial values for the array elements.

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Definitions:

Beginning Inventory

The worth of products that are ready for sale at the beginning of a financial period.

Merchandise Inventory

The goods a retail or wholesale company intends to sell to customers for a profit.

Income Summary

The Income Summary is an account in the ledger that aggregates all revenues and expenses for a period, transferring the net result to owner's equity.

Permanent Accounts

Accounts that carry their ending balances over to the next accounting period. Examples include assets, liabilities, and equity accounts.