The Entry to Close an Expense Account Requires a Credit

question 72

True/False

The entry to close an expense account requires a credit to the Income Summary account.

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Definitions:

Dalhousie University

A public research university located in Halifax, Nova Scotia, Canada, known for its prestigious medical school and comprehensive research programs.

Western University

A tertiary institution of learning, often implying a university that follows the academic traditions and standards of Western cultures.

Positive Psychology

A branch of psychology that focuses on the study and promotion of positive aspects of human life, such as happiness and well-being.

Psychological Treatment

Interventions and therapeutic techniques aimed at addressing mental health issues and psychological disorders.