When Closing Income Summary,assuming the Corporation Had Net Income for the Accounting

question 43

True/False

When closing Income Summary,assuming the corporation had net income for the accounting period,the account Retained Earnings is credited.

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Definitions:

Tax on Good

A financial charge imposed by a government on the sale of a product or service, affecting its price.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded for it at those prices.

Good Sold

Refers to merchandise or items that have been purchased or exchanged in a transaction.

Tax on Buyers

is a tax that is directly levied on consumers when they purchase goods or services, effectively increasing the purchase price.