The T-Account Close Is Also Called the Minor-Points Close

question 32

True/False

The T-account close is also called the minor-points close.

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Definitions:

Credit

The right side of an account.

Journal Entry

A record in accounting that captures the financial transactions of a business, showing debits and credits for each transaction.

Coupon Rate

Each year, the interest yield on a bond is expressed as a percentage of its nominal value.

Market Rate of Interest

The prevailing rate at which borrowers and lenders agree to transact, influenced by various economic factors.