A Revenue Account Is Closed with a Credit to the Revenue

question 164

True/False

A revenue account is closed with a credit to the revenue account and a debit to Income Summary.

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Definitions:

Income Inequality

The irregular distribution of income across different economic participants at the household or individual level.

Highly Educated Workers

Individuals in the workforce who have attained a high level of education, typically holding a college degree or higher.

Temporary Assistance

Short-term aid provided by governments or organizations to individuals or families in need, often meant to support them until they regain financial independence.

Needy Families

Households that require financial assistance or social aid to meet their basic needs such as food, shelter, and healthcare.