If a Business Has a Net Loss, the Closing Entry

question 110

True/False

If a business has a net loss, the closing entry to close Income Summary would be a debit to Income Summary and a credit to Retained Earnings.

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Definitions:

Woman-of-Color Feminism

A branch of feminism focusing on the experiences and intersecting oppressions faced by women of color, emphasizing their unique struggles and resistance.

Womanism

A social theory and movement rooted in black women's experiences, advocating for racial and gender equality and emphasizing the importance of women's culture and spirituality.

Intersectionality

A framework for understanding how aspects of a person's social and political identities (gender, race, class, sexuality, ability, etc.) combine to create different modes of discrimination and privilege.

Mary Calkins

An influential American psychologist and philosopher, notable for being the first woman to serve as president of the American Psychological Association.