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I'm not familiar enough with the inner workings of Android/linux to say but it does seem to close out the app itself or put it on a priority to close out shortly. It's not quite the same as a force close though. And it does not seem to affect background services.
I've run System Panel Lite to check on the status of the apps before and after swiping them away. If they are active, it will close them. If they are inactive, it just clears them from the recent app list.
Thank you both for clearing that up for me!
One other item of interest. I found that sometimes you cannot swipe the app upward to dismiss/close it. Long press and then swipe up and it should kill the process.