Closing the Revenue and Gain Accounts at Year-End Requires That

question 56

True/False

Closing the revenue and gain accounts at year-end requires that these accounts be debited.

---

Definitions:

Naive Psychologists

A term used to describe how ordinary people make sense of their own and others' behavior or actions as if they are amateur psychologists.

Interpersonal Relationships

Connections and interactions between two or more people, often based on emotional or social bonds.

Common Sense

Practical judgement concerning everyday matters, or a basic ability to perceive, understand, and judge things shared by nearly all people.

Learned System

A body of knowledge or behaviors acquired through experience or education rather than being instinctual.