Permanent Accounts Are Not Closed at the End of the Accounting

question 114

True/False

Permanent accounts are not closed at the end of the accounting period.

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Definitions:

Hot Stove

An analogy often used in discipline, suggesting that, like touching a hot stove and experiencing immediate consequence, consequences of actions should be immediate, clear, and consistent.

Presentation

A structured delivery of information to an audience, often employing visual or auditory aids, designed to inform, persuade, or instruct.

Benjamin Franklin

A Founding Father of the United States known for his contributions as a statesman, author, printer, political philosopher, and scientist.

Setback

An obstacle or delay in progress that hinders achievement of goals.