It is not necessary to post the closing entries to the general ledger.
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Q39: All income statement accounts will be closed
Q40: Accumulated Depreciation is a permanent account.
Q41: The closing process is sometimes referred to
Q42: All companies must use a calendar year
Q43: Financial statements should be prepared before the
Q45: The last step of the accounting cycle
Q46: The most important output of the accounting
Q47: After analyzing transactions, the next step would
Q48: The accounting cycle begins with preparing an
Q49: Current assets and current liabilities for
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