When closing entries are made: a. All asset accounts are closed but liability accounts are not closed. b. All temporary accounts are closed but permanent accounts are not closed. c. All ledger accounts are closed to start the new accounting period. d. All permanent accounts are closed but temporary accounts are not closed.
Added by Alexander H.
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Which of the following is NOT true about closing entries? Temporary accounts are closed to ensure accurate summary reporting. Closing entries are posted to the general ledger accounts. Closing entries are created to show changes in equity. Temporary account balances are carried over to the next accounting period.
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