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When Closing Entries Are Made

Question 85

Multiple Choice

When closing entries are made:


A) All ledger accounts are closed to start the new accounting period.
B) All temporary accounts are closed but permanent accounts are not closed.
C) All real accounts are closed but nominal accounts are not closed.
D) All permanent accounts are closed but nominal accounts are not closed.
E) All balance sheet accounts are closed.

Correct Answer:

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