The First Step in the Closing Entries Is to Close

question 84

True/False

The first step in the closing entries is to close the revenue account(s) into the Income Summary account.

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Definitions:

Experiential System

A processing mechanism in the brain that is intuitive, automatic, and based on experiences, as opposed to analytical reasoning.

Cognitive System

encompasses the mental processes involved in perception, memory, judgment, and reasoning.

Mode of Thinking

The particular way or method in which thoughts are organized and processed.

Information Quantity

Refers to the amount or volume of information available or provided in a given context.