The Balances of the Temporary Accounts Are Transferred to Net

question 35

True/False

The balances of the temporary accounts are transferred to Net Income,a permanent account,during the closing process.

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Definitions:

Argument

A process of reasoning from one claim to another. An argument may be, but need not be, directed against an explicit alternative. A philosophical argument does not require an opponent or a disagreement.

Perfection

The state of being completely without any imperfections or shortcomings.

Charles Hartshorne

An American philosopher known for his work in process philosophy and for developing the concept of "God" as a continually evolving being.

God

The supreme being, creator, and principal object of faith in monotheistic religions.