Which of the following is not true about closing entries? a. By closing nominal accounts...
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Accounting
Which of the following is not true about closing entries? a. By closing nominal accounts at the end of the period to zero, it is possible to isolate next periods information correctly. b. After the second closing entry, the income summary account is equal to the net income or (loss) for the period. c. There are four closing entries that update the retained earnings account. d. All real accounts are closed at the end of the period.
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