Revenue and Expense Accounts Often Are Called Temporary (Nominal) Accounts

question 20

True/False

Revenue and expense accounts often are called temporary (nominal) accounts because their balances are closed out at the end of the accounting year.

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Definitions:

Prothrombinase

An enzyme complex involved in the blood clotting process that converts prothrombin to thrombin.

Prothrombin

A protein present in blood plasma that is converted into active thrombin during coagulation.

Thrombin

A blood plasma enzyme responsible for blood clot formation by changing fibrinogen into fibrin.

Ions

Atoms or molecules with a net electric charge due to the loss or gain of one or more electrons.