If the Income Summary Account Has a Credit Balance After

question 38

True/False

If the Income Summary account has a credit balance after revenues, and expenses are closed, the firm had a net income for the fiscal period.

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Definitions:

Adopted Sibling

An adopted sibling is a brother or sister who has become part of a family through the legal process of adoption, rather than by birth.

Emotionality

The quality or state of being emotional; the degree to which a person's behavior is influenced by emotions.

Agreeableness

A personality trait characterized by qualities of being kind, cooperative, and sympathetic toward others.

Stability

The state or quality of being resistant to change or failure; the ability to maintain a constant condition.