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AC201SecondHourExamCWA

AC201SecondHourExamCWA - 1 When closing entries are made A...

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1. When closing entries are made: A) All ledger accounts are closed to start the new accounting period. B) All temporary accounts are closed but not the permanent accounts. C) All real accounts are closed but not the nominal accounts. D) All permanent accounts are closed but not the nominal accounts. E) All balance sheet accounts are closed. 2. The usual order for the asset section of a classified balance sheet is: 3. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: Page 1
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4. The Income Summary account is used:
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