The Closing Entry for Revenue Accounts Includes a Debit to Retained

question 110

True/False

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

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Definitions:

Autonomy

The capacity and right of individuals to make their own choices and govern themselves.

Nonmaleficence

A principle in ethics that requires avoiding actions that cause harm or injury to others, key in medical and healthcare ethics.

Justice

A moral principle regarding fairness and the equitable treatment of all individuals.

Fidelity

The degree to which a device, system, or service accurately reproduces or represents a given condition or datum without distortion or error.