The T-Account Close Is Also Called the Minor-Points Close

question 32

True/False

The T-account close is also called the minor-points close.

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Definitions:

De Facto Corporation

A corporation that operates like a legally incorporated company, despite not having completed all required incorporation steps, often recognized for legal purposes.

State Government

The government of a specific state in a federal system, responsible for local laws, policies, and management of state-specific issues.

Corporate Headquarters

Corporate headquarters refers to the main office or center of operations for a company, where key management and executive functions are performed.

Incorporated

The process by which a business becomes a legally recognized entity, separate from its owners, with its own rights and liabilities.