A Balance Sheet Account with a Debit Balance Requires a Closing

question 27

True/False

A balance sheet account with a debit balance requires a closing entry that credits that account, because a credit closing entry will result in a zero ending balance in the account.

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Definitions:

Routine

A sequence of actions regularly followed; a fixed program or procedure.

Internal Operational

Pertaining to the procedures and processes that occur within an organization or system, often focused on efficiency and effectiveness.

Casual Exchanges

Informal interactions or communications that occur in a relaxed, spontaneous manner without strict protocols or formalities.

Highly Casual

A description for an informal and relaxed manner or approach, often characterized by a lack of strictness or formality.