If the Balance in Retained Earnings on January 1,2017 Was

question 112

True/False

If the balance in Retained Earnings on January 1,2017 was zero,then a credit balance in Retained Earnings on December 31,2017 (after closing revenue and expense accounts)represents net income for the accounting period providing that no dividends were declared.

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Definitions:

Mental Illness

A broad range of conditions that affect mood, thinking, and behavior, often resulting in significant distress and impairment in functioning.

Reliability

The degree to which an assessment tool produces stable and consistent results across multiple measurements.

Validity

The extent to which a test or instrument measures what it is supposed to measure.

Predictive Validity

The extent to which a score on a scale or test predicts future performance on a related outcome.