Asked by Sophia Winner on Jun 14, 2024
Verified
All income statement accounts will be closed at the end of the period.
Income Statement Accounts
Accounts found on the income statement, including revenues, expenses, gains, and losses, used to calculate net profit or loss for a period.
- Learn the steps required for the preparation of adjusted trial balances, financial statements, and the finalization process.
Verified Answer
KB
Kelly BarleyJun 16, 2024
Final Answer :
True
Explanation :
All income statement accounts, such as revenue and expenses, are closed at the end of the period to prepare for the next period's financial statements. This process is known as closing the books.
Learning Objectives
- Learn the steps required for the preparation of adjusted trial balances, financial statements, and the finalization process.
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