Asset and Liability Accounts Are Closed to the Income Summary

question 60

True/False

Asset and liability accounts are closed to the Income summary account.

---

Definitions:

Skills Inventories

A comprehensive list or database that tracks the skills, qualifications, and experiences of employees within an organization.

Capabilities

The skills, resources, and abilities that an organization possesses to successfully perform tasks and achieve its objectives.

Bullwhip Effect

A phenomenon in supply chain management where small changes in demand at the consumer end cause larger magnifications in demand upstream.

Human Resource Supply

The availability of individuals with the skills and qualifications required to meet the labor needs of employers.