Closing Revenue and Expense Accounts at the End of the Accounting

question 147

True/False

Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period.

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Definitions:

Unlicensed Agent

An individual acting in a role that requires licensure, such as real estate or insurance, without possessing the necessary legal authorization.

Professional Acts

Actions or conduct that are considered appropriate, ethical, and in accordance with the standards of a profession.

Realtor

A real estate professional who is a member of the National Association of Realtors and adheres to its code of ethics.

Agency Relationship

A fiduciary relationship where one party (the principal) grants another party (the agent) the authority to act on their behalf in transactions.