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Which of the following is not true about closing entries?

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solution


Question

Which of the following is not true about closing entries?;There are four closing entries that update the owner's equity account.;After the second closing entry, the income summary account is equal to the net income or (loss) for the period.;All real accounts are closed at the end of the period.;By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information correctly

 

Paper#25030 | Written in 18-Jul-2015

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