If a Business Has a Net Loss for a Fiscal

question 59

True/False

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is a debit to Income Summary and a credit to Capital.

---

Definitions:

Consistent Style

The uniform use of language, formatting, and presentation techniques throughout a document or series of communications to maintain clarity and professionalism.

Rainforests

Dense, tropical or subtropical forests that receive a high amount of rainfall annually, rich in biodiversity.

Commitment Level

The degree of dedication or obligation one has towards a task, project, or relationship.

Annual Day

An event celebrated annually, typically by organizations, schools, or institutions, to mark an anniversary or highlight achievements.