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:

Budget

An estimate of income and expenditure for a set period of time, often used as a financial planning tool by individuals, businesses, and governments.

Table

A structured arrangement of data made up of rows and columns, used to organize, display, and manage information systematically.

Field

A specific area of study or a topic of interest within a broader subject.

Worksheet

A single page within a spreadsheet application, used for organizing, calculating, and analyzing data.