Answered

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In closing the books, all temporary accounts are closed.

A. True
B. False

Sagot :

GinnyAnswer

Final answer:

Temporary accounts are not all closed when closing the books.


Explanation:

False

In closing the books, all temporary accounts are not closed. Temporary accounts include revenue, expenses, and dividends, which are closed to the retained earnings account.

This process enables the company to start the new accounting period with zero balances in the temporary accounts and accurate financial statements.


Learn more about Closing the books and temporary accounts here:

https://brainly.com/question/43518214


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