One of the Purposes of Closing Entries Is to Transfer

question 73

True/False

One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account.

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Definitions:

Connectionless Protocol

A protocol that a host computer can use to send data over the network without establishing a direct connection with any specific recipient computer.

Protocol

A set of rules or standards designed to enable computers to connect and transmit data across networks.

Computers

Electronic devices that process data according to a set of instructions, capable of executing vast numbers of operations.

Static Address

A permanent Internet Protocol (IP) address assigned to a computing device, unlike a dynamically assigned IP address which can change.