The Closing Entry for Expense Accounts Includes a Debit to Retained

question 119

True/False

The closing entry for expense accounts includes a debit to Retained Earnings and a credit to all expense accounts.

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Definitions:

Scientific Knowledge

Information and understanding resulting from the application of the scientific method, including observation, experimentation, and validation.

Irresistible Impulse Test

A legal standard to determine insanity, assessing whether a defendant was unable to control his or her actions at the time of the crime due to mental illness.

Not in Control

A feeling or state where an individual perceives they don't have power or influence over situations or themselves.

American Psychiatric Association

A leading organization dedicated to the advancement of psychiatry and mental health.