When the Balance Sheet's Date Is Changed to January 1

question 4

True/False

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.

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Definitions:

Industrial Societies

Use machines and fuel to greatly increase the supply and dependability of food and finished goods. The first such societies emerged about 225 years ago in Great Britain. Productivity, the division of labor, and average settlement size increased substantially in industrial societies compared with agricultural societies. While social inequality was substantial during early industrialism, it declined as the industrial system matured.

Social Inequality

The presence of unequal chances and benefits for various social roles or statuses within a community or society.

Hunting And Gathering

An ancient subsistence strategy involving the hunting of animals and foraging of plant life, oftentimes practiced by nomadic societies.

Foraging Societies

Those in which people live by searching for wild plants and hunting wild animals. Such societies predominated until about 10,000 years ago. Inequality, the division of labor, productivity, and settlement size are very low in such societies.