The Last Closing Entry for a Corporation Transfers the Net

question 2

True/False

The last closing entry for a corporation transfers the net income after income taxes from the Income Summary account to Retained Earnings.

---

Definitions:

Left-handed

The characteristic of using the left hand more skillfully and naturally for tasks such as writing and eating.

Dyslexia

A learning disorder marked by difficulty reading due to problems identifying speech sounds and learning how they relate to letters and words.

Autism

A developmental disorder characterized by difficulties with social interaction and communication, and by restricted and repetitive behavior.

Instinctual Behaviors

Actions or reactions that are innate and automatic, performed without conscious thought, often in response to certain stimuli.