Closing Revenue and Expense Accounts at the End of the Accounting

question 147

True/False

Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period.

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Definitions:

Zero-Order Reaction

a chemical reaction in which the rate is independent of the concentration of the reactant(s).

Cocaine

A powerful stimulant drug derived from the leaves of the coca plant, used medically as a local anesthetic and often abused for its euphoric effects.

First Order

In kinetics, refers to a reaction where the rate is proportional to the concentration of one reactant.

Reaction Order

A term used in chemistry to describe the power to which the concentration of a reactant is raised in the rate equation.