Closing the Revenue and Gain Accounts at Year-End Requires That

question 56

True/False

Closing the revenue and gain accounts at year-end requires that these accounts be debited.

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Definitions:

Acquired Needs Theory

A psychological theory that suggests individuals are motivated by their desires for achievement, affiliation, and power, which they acquire over time based on their life experiences.

Need for Affiliation

A person's inherent desire to feel connected to others, seeking social bonds and meaningful relationships.

Need for Achievement

A psychological trait that drives individuals to achieve goals and excel in their endeavors.

Desire to Excel

The strong motivation or ambition to surpass others or oneself in performance or achievement.