Once Revenue and Expense Accounts Serve Their Purpose of Accumulating

question 67

True/False

Once revenue and expense accounts serve their purpose of accumulating specific revenue and expense items for an accounting period, they have no further purpose for that period.

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Definitions:

Categorical Propositions

Statements that assert or deny that all or some members of one category are included in another category.

Standard Form

A conventional, often simplified or agreed-upon format for presenting information, data, or arguments, making it easier to understand or analyze.

Non-categorical

Not belonging to a particular category or class.

Proposition

A declarative sentence that can be either true or false, but not both.