During the Closing Process,revenues Are Transferred to the Debit Side

question 63

True/False

During the closing process,revenues are transferred to the debit side of the Income Summary account.

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Definitions:

PROM

Programmable Read-Only Memory; a type of digital memory that is programmed after the manufacturing process and cannot typically be reprogrammed or erased.

EEPROM

Electrically Erasable Programmable Read-Only Memory, a type of non-volatile memory used in computers and other devices for storing data.

Personality Module

An electronic module that contains software or firmware to provide specific characteristics or functions to a system, often customizable.